Use it in the production of algae based oil.
Going further along that line, algae based fuels seem to be the best way to go in the short term (next 50 years or so), as independence is built away from carbon fuels. There's a lot of great things about algae, such as it doesn't use arable land to produce, has a quick harvesting cycle, can use salt water, etc. The big problem is that for the algae to produce the levels of oil we need, we'd practically need to pump CO2 into the production. We certainly make enough CO2 for that, just there isn't a real feasible way to collect the CO2 that we do produce.