DOT: Got an Alternative to Jet Fuel?

It may just be worth $10,000,000.

That's right. You counted seven zeros there. So who's paying up? The Department of Transportation. Well, at least at first.

The dynamics of this deal are a little tricky, so stay with us.

The U.S. Department of Transportation (DOT) and the Federal Aviation Administration (FAA) are teaming up to donate $500,000 to X Prize Foundation, a non-profit that will use the money to spur a little friendly competition in the way of alternative jet fuels.

But this isn't your average competition. The competitors aren't individuals, they're private industries. And they're not competing for the half-million the DOT is doling out. Instead, they're going for upwards of $1 million, or as much as $10 million, depending on how much X Prize can garner from private sponsors.

Last, but not least, this competition isn't taking place over the next few weeks, or even months. It will be years before we actually see results. The competition itself is expected to take a little over a year to set up, and from there, the competing industries will have approximately five years to develop and implement their ideas.

Talk about taking their time. Don't people work better under pressure?

In the meantime, here's hoping jet fuel prices don't skyrocket our airplane seat prices to the point we have to pay to use the on-board lavatory. (Any guesses to how much that would cost?)

[Via Ecogeek]