No, but just barely. The US military has technology to turn algae into oil for around $2 a gallon, and refine that oil into bio fuel suitable for jets at a cost of under $3 a gallon. Current jet fuel prices are around $2.288 per gallon.
The DARPA extraction of oil from algae is projected to get cheaper, so it looks like as technology advances we will have more cost effective, renewable, and domestic jet fuel.
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