Algae farming can have huge potential as a bio-diesel generation technique. If 1/10th of the area of New Mexico is given over to algae cultivation then, even using todays technologies, the ENTIRE energy needs of the U.S. can be met.
As a gateway building to a new city district in an oil rich country that is beginning to take precautions for peak oil, the potential of algae farming as both practical solution and symbolic gesture can not be underlined enough.