Apparently the FAA works much faster than the EPA – the FAA has just approved the “Flying Car,” also known at the Transition Roadable Aircraft. While the flying car, developed by Terrafugia (ter-ra-FOO-gee-ah), doesn’t currently run on an alternative fuel such as ethanol or biodiesel, it is an “alternative” way to get yourself around town.

So here is how it works….You jump into the cockpit and back your Flying Car out of the garage and head to the airport, driving on the same roads as FFVs, electric cars and hybrids. You pull up to the airport, head out to the runway, drop your wings, which are controlled from the cockpit, and take off. Sweet. No more three hour commutes in rush hour traffic!

The Flying Car, classified as a personal aircraft, has been in development by several MIT visionaries since 2006. Here are a few interesting specs. the plane can safely reach up to 100 mph on surface roads and boasts 30 miles per gallon – better than any conventional SUV or truck on the market. In the air, it burns 5 gallons per hour of fuel and the tank holds 20 gallons. For you mathperts, you can fly about 4 hours before needing to fill up the tank with high-octane unleaded gas at your local gas station.

Now that the FAA has approved the Flying Car, the company expects its first delivery in 2011. While there is currently a Flying Car prototype, the next graphical version of the personal plane will be unveiled at a press conference at 10:30 a.m. on July 26, 2010 at Terrafugia’s exhibit at EAA AirVenture in Oshkosh, WI.  Oh, and Terrafugia, could you please make your next version of the Flying Car be a flex-fuel personal plane? Thank you.A