Yes, there are road cars that can go faster than this airplane and for longer. But this is an achievement that is absolutely on the right path ahead: http://www.autobloggreen.com/2009/06/15/new-electric-airplane-sets-world-record-for-speed-w-video/ Autoblog Green Must be thanked for giving this achievement publicity.
The world's car manufacturers are making decent strides (albeit sometimes reluctantly) as far as fuel efficiency is concerned. But aircraft and watercraft have been a different cup of tea so far. All work in these areas has been on a small scale and laws pishing these companies to do something significant have been few. That said, airlines like Emirates, Japan Air Lines and Air India have done some work in reducing the amount of fuel burned in take offs and landing by tinkering with time schedules and similar. However, it is only technological breakthroughs in electric aircraft power that will help reduce the use of fossil fuels in the air significantly. That said, algae based fuels have been successfully tested by the Japanese as well as by the US Air Force, though, there again, carbon is emitted into the air. My hat's off to the Sky Spark team. Their website is: http://www.skyspark.eu/web/eng/index.php