Interesting points with the plastic replacement, this implication hadn't even crossed my mind! Did a bit of reading into it, it looks like algae can be a direct drop in for a lot of biopolymers that would otherwise use corn, wheat, etc.
This article is a bit old, but it points out the only thing holding back this cereplast company from using algae is getting enough supply for the demand. Things will start looking peachy and I don't think the us elections will have much bearing on this, if anything obama has shown himself as pro-renewables at least to some extent.
The environmentals that come with algae tec are almost irrelevant of how much potential it has economically; they are just a great cherry for my hippy heart!
http://www.popularmechanics.com/science/energy/biofuel/algae-to-plastic
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