Biofuels made from algae can be produced in a way that make this energy source cost-competitive with crude oil by increasing the amount of energy algae stores as fat, according to early research from VG Energy, an alternative energy and agricultural biotech company.

FORBES: Biofuel From Algae Could Compete With Oil, Report Says

Chesapeake is looking at natural gas as a potential energy source to fuel its rigs due to the cost benefits and the environment friendly nature of the fuel.

FORBES: Chesapeake Energy Gassed Up For Drive To $36

For the first time since cheap Middle East oil invaded Western markets, Newman says, a vast new source of energy is arriving at prices well below the prevailing cost of finding, developing and delivering natural gas.

FORBES: A New World Of Cheap Gas

But in the short term, at least, coal will remain a key source of energy for the U.S. mainly because the cost of running coal and natural gas power plants remains comparable.

FORBES: Report: Clean Power Is Moving (Gradually) Into Americans' Homes

Dismal consumer confidence is cited as a source of concern, along with further commodity price instability - most notably the cost of energy.

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This supply of low-cost natural gas will allow the U.S. to transform its electricity production into a green energy source at scale.

FORBES: U.S. Energy Independence - So Close, Yet So Far