A mysterious U.S. biotech company called Joule Unlimited’s phones are lighting up today after a report broke about a patent they received in September for a process that uses E. Coli to turn carbon dioxide into diesel fuel, jet fuel, and gasoline at the cost of about $30 per barrel (about $1 per gallon). If this is real, this is awesome. We’re about to hit $100 per barrel sometime in Q1 2011, which means we’ll be paying $4+ per gallon for gas this summer.

Full Article via The Globe And Mail