Oil from Algae: Q about mass production

Factual Questions
1

According to this Article , at least one group is looking at producing Oil from Algae.

My question is this, if they get the costs down to 2 dollars a gallon, and start mass producing this Algae, is there an added benefit of reducing C02 concentration?

2

As compared to burning fossil fuels, yes. The oil-from-algae cycle would presumably be close to carbon-neutral: algae take CO[sub]2[/sub] from the atmosphere; burning the resulting oil returns it.