Provide research funding of algae used to "grow" bio-oil as a new way to produce American oil with less emmisions

The world is running out of oil and with expected demand and known supply we will run out by the years 2035-2050. We have to find a new way to produce energy and fuel, and if not everyone will agree to use renewable's we will use a new kind of fuel. Certain types of algae have been found to produce a bio-oil that can be pressed out of the algae much like olive oil. The algae can be grown every 2-3 weeks under the right conditions and the oil produced can be refined. The oil produced will also produce less emissions. I am suggesting the government partially fund this to make this happen quicker. We would need freshwater, and said algae. I am also suggesting this because it can make potentially millions of jobs and if the USA gets to this first it will dominate the global oil economy.