...made from soy and corn, but he has not offered a prognosis on second generation biofuels derived from algae. Currently, DARPA, Boeing and Virgin Fuels are investing heavily into aquatic based Fischer-Tropsch processes which have a number of advantages to them including not using biomass used for food production and conversion of greenhouse gases to oxygen. Here is an excellent paper on the subject from the commercial aviation point of view (.pdf required).
http://www.boeing.com/commercial/environment/pdf/alt_fuels.pdf