According to a recent
article on
climatedesk.org (a collaboration between The Atlantic and Wired magazines and other sources), the short answer is no, at least in the short term. But, the U.S. Department of Energy is conducting research on converting algae to motor fuels or hydrogen in over 30 sites. Algae is ubiquitous and its lipid (oil) content ranges from 20% to 40% of its dry weight.