ALTERNATIVE FUEL SOURCE: Can we use the Algae in Chinese waters to develop carbon-based fuels?

Has anyone seen the news broadcast about the massive tons of Algae floating in Chinese waters, and how many volunteers are helping to remove it, for the Summer Olympics in Beijing?
I wonder if any of this could be used to develop alternative fuels in addition to ethanol-based gasoline. Some countries are already using sugar-based ethanols and corn-based fuel. Why not this Algae, there is a huge surplus of it?

Is it theoretically and chemically possible?

Jasmine 215

It’s already being done, here in Florida, and the guy that developed the system can produce 10,000 times the biomass per acre than the current plant products that we are using to produce biodiesel.

The name of the company is New Green Technologies and his name is Craig Huffman. I met him at the Green Earth Expo in Orlando last month.