VentureBeat thinks maybe it could. Biodiesel can be made from algae, as can ethanol. One company thinks they can make hydrogen from it, another says they can create the equivalent of sweet light crude (this would be approaching the Holy Grail, top quality petroleum from renewable sources)
None of these plans are at the commercial stage yet. But in a few years, some no doubt will be. Huge amounts of venture capital are being invested in these technologies now.
(In a few years, investors might kick themselves for not buying that little dinky biofuel stock back in 2008 when it was $2 a share. However, there will probably soon be a bubble then a crash in such stocks which will leave much wreckage and a few hardy survivors. The question for adventurous investors now, if it can even be answered is, which companies will prosper? )
Biofuel created from algae and from cellulosic materials not grown on farmland have Black Swan potential. Some Black Swans are good. Replacing a petroleum-based economy with one based on renewable fuels would be a beneficent Black Swan indeed.