Algae a viable biofuel?

Ethanol from corn is nothing but a shakedown, and other biofuels are marginal, but what about algae? --

Yield of vegetable oil in gallons per acre per year:

• Algae: 100,000

• Palm: 700

• Rapeseed: 130

• Sunflower: 110

• Soybeans: 50

• Corn: 29

Source: GlobalGreen Solutions; Valcent Products

Is there anything to this? And why in dry West Texas?

The two companies behind it, El Paso's Valcent Products and Canadian alternative energy firm Global Green Solutions, have developed a system they claim will allow for cheap mass production of algae in just about any corner of the world.

Why not in the wet East?