Are biofuels the answer?

Maybe five years ago, I remember reading about algal based fuels which could be produced for about 25 bucks a gallon.  There was a promise that costs would come down.  Now that all this time has passed, how much have the prices come down?  Not much, if this is any indication:

As part of this support, in December the Navy agreed to spend $12 million for 450,000 gallons of “advanced biofuels,” which can be blended with petroleum in a 50:50 mixture and burned in conventional engines. The Navy and Air Force have both set a goal of using advanced biofuels for 50% of their fuel use by the end of this decade. But the current $26-a-gallon price tag angered congressional Republicans, who accuse the Obama Administration of using the military to support its green agenda [ via Behind the Black blog  note: emphasis added]

 The green agenda must be a scam.  I'd be very surprised if any of this ever pans out.