Algea biofuels to replentish economy/environment?

Let me just offer up a quick summary of Alea biofuels.
Meeting the world’s growing energy demand will take a large number of sources. Biofuel from algae could be a meaningful part of the solution in the future because of its potential as an economically viable, low emissions transportation fuel.

• "Algae can be grown using land and water unsuitable for plant or food production, unlike some other first- and second-generation biofuel feedstocks.
• Growing algae consume carbon dioxide; this provides greenhouse gas mitigation benefits.
• Algae used to produce biofuels are highly productive. As a result, large quantities of algae can be grown quickly, and the process of testing different strains of algae for their fuel-making potential can proceed more rapidly than for other crops with longer life cycles."
  

Possibly one of the biggest environmental/economic issues around the world is finding a renewable and cheap fuel source. As we can see the world is running out of its non-renewable resources, such as fossil fuels. But does that mean we should dump in money into bio-fuel like algea? But if the Algea biofuel is so good why does America not jump on board? From what i understand the benefits of Algea biofuel are renewability, removal of Algea, which could easily benefit the fishing industry of the gulf of mexico due to the removal of deadzones and easy availability. Plus Algea is carbon neutral, meaning that it produces almost no carbon when used, thus nor harming the air quality. So from all these positive effects, why doens't America invest more heavily in algea biofuels?

"Algae Biofuels." Algae Biofuels. Exxon Mobile, 14 July 2009. Web. 7 Dec. 2009. .