Algae -- humble, static plants used to lurking in the depths of lakes and oceans -- could soar to new heights on the back of the current biofuels craze.

According to this New Zealand newspaper story, local aerospace giant Boeing is working with Air New Zealand and a kiwi biofuels producer to produce the jet-fuel based on algae.

The company, known as Aquaflow Bionomic, harvests its algae from ponds.

Other engine makers have successfully tested blends of biofuelsl with conventional jet fuels. The rush to seek alternative fueling solutions for airplanes is understandable, as airlines' fuel costs and carbon footprints are huge -- and oil executives and analysts predict a crude oil crunch in coming years if demand doesn't stop growing.