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The NREL program was terminated in 1996, largely because at the time crude-oil prices were far too low for algae to compete.
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At that time (1996), gas was about 1.20 (winter) to 1.50 (summer). So artical says that the oil prices at the time were too low for algae to compete, meaning that it probably won't get us down under a buck per gallon. But, as someone that drives 50 miles a day for work, I would love to see gas drop to 1.50 or 2.00 a gallon.
California Average Weekly Retail Gasoline Prices
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Still, Jarvis cautions that "you have to be careful because there's a lot of hype out there right now."
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Good, honest quote.