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http://www.jouleunlimited.com/why-solar-fuel/overview

Here is a more efficient way.... $2.00 per gallon of biodiesel, full-scale production starts soon. These guys won awards from the Wall Street Journal, MIT, World Economic Forum, etc. And it can feasibly fix the limited supply of oil, well as far as fuels go, it still wont replicate things like plastics or petrochemicals ( or even oil as a base product) but it's a start.

Click on the link i just put up, talks about costs , sustainability, etc