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https://en.wikipedia.org/wiki/Aviation_biofuel#Demonstration_flights
https://www.aopa.org/news-and-media/all-news/2016/april/14/five-jet-bio-fuels-now-approved-says-faa

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In this video, it walks you through the process of refining oil from algae. There are many ways you can benefit economically, because algae is a renewable resource. Their first gallon of algae fuel costed around $30, but with innovations, they brought it down to $2. Also, if every power plant had an algae plant next to it, global warming could be potentially solved.

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How Algae Could Change The Fossil Fuel Industry

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This article states that there are now 5 approved biofuels to be used. One of the goals was to allow the biofuels to be suitable for existing aircrafts without modification. Biofuels are also better for the environment and are renewable.

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Five bio-based jet fuels have been authorized for use for air travel, now that the FAA has announced approval of a new fuel created from an alcohol that is derived from renewable feed stocks.

The newest fuel is known as Alcohol to Jet Synthetic Paraffinic Kerosene (ATJ-SPK). It is created from an alcohol called isobutanol, produced from renewable feed stocks such as sugar, corn, or forest wastes, the agency said in an April 14 news release.

"In contrast to traditional petroleum-based fuels, these new alternative fuels can reduce air quality emissions and are renewable," the FAA said.

The agency collaborates with the aviation industry to approve alternative aviation fuels through the standards-setting organization ASTM International. The FAA-industry Continuous Lower Energy, Emissions and Noise (CLEEN) partnership was crucial in completing the necessary steps to support ASTM International's approval of the new fuel, which "could reduce greenhouse gas emissions on a life-cycle basis by up to 85 percent," the FAA said.

The FAA emphasized that as more alternative jet fuels emerge from development, they have increased potential "for cost-competitive production and broad use."

Another priority is that the new fuels be suitable for use directly in existing aircraft without modification to engines or other equipment, while maintaining "an equivalent level of safety and performance to petroleum jet fuels."

Other alternative fuels that have been approved include synthesized iso-parafins (SIP) that "converts sugars into jet fuel"; hydro-processed esters and fatty acids synthetic paraffinic kerosene (HEFA-SPK), "which uses fats, oils and greases"; Fischer-Tropsch Synthetic Paraffinic Kerosene (FT-SPK), and Fischer-Tropsch Synthetic Kerosene with Aromatics (FT-SKA), both of which use "various sources of renewable biomass such as municipal solid waste, agricultural wastes and forest wastes, wood and energy crops."

The new fuels are being used primarily by airlines, but could eventually enter use in the light-jet sector.

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Five jet biofuels now approved, FAA says

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Five bio-based jet fuels have been authorized for use for air travel, now that the FAA has announced approval of a new fuel created from an alcohol that is derived from renewable feed stocks. The newest fuel is known as Alcohol to Jet Synthetic Paraffinic Kerosene (ATJ-SPK).

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This method of fuel is way better for the earth, so it would probably make the air a little cleaner (I'm not an environmentalist, I don't know). I can also assume that oil based fuels will become cheaper and/or obsolete/illegal?

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People used biofuel for cars a while back, for example: the model T was supposed to use hemp derived fuel. But, the whole idea was scrapped when oil came, because it was less expensive and easier to obtain. But Greenflight International made the first trip using biofuel happen.

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A biofuel (fuel derived directly form living matter) used for aircraft. The main goal for this is to use fuels that are better for the environment, and leave a smaller carbon footprint. This idea is still in testing, and biofuel is not used in most commercial flights today.