The Algae fuel process is indeed very interesting and I suppose we can look forward to one of the companies offering enough fuel for a race, or series of races that would publicise the claim in the Wikipedia piece that the whole process is CO2 nuetral. This would have to be a high profile event, ideally something like Le Mans, I realise that would be very ambitious but not impossible if the fuel is a straight substitute for high octane petrol.
Personally I would be in favour of a general reduction in engine sizes to show the sport is setting an example. When I started watching races we had lots of classes for 1100 and 1200cc engined cars that gave excellent racing and a great sound which, whilst not the same as a big banger, had its own charm. These classes were born of fuel shortages and a shortage of decent engines at the time but they fired my interest in the sport and some of names involved are around today, Lotus and Lola in particular produced some amazing little cars.
I appreciate the love of the noise but we don't have to have big thirsty engines for good racing. Some of the best racing you will ever see involves a 100cc two stroke
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