Embodiments of the present invention utilize rationale genetic and chemical engineering strategies to achieve even greater efficiencies in biofuel production from microalgae. These increased efficiencies may be achieved through the application of targeted and well-designed chemical and genetic engineering methods disclosed herein. The exemplary embodiments focus on increasing single cell oil yields, increased algal culture densities, and increased efficiencies in oil production. Individually or in combination, exemplary embodiments may reduce the cost to produce a barrel of biofuel to enable commercial viability.