“I presume that the carbon generated by petroleum based fuels would also be taken out by the same plants you cite?”
Yes, but the difference is that you’re not introducing any new carbon that wasn’t already in the atmosphere. Before you can burn it, you’ve got to take it out of the atmosphere by growing plants.
Mind you, I’m not saying biofuels are a panacea. They are a long way from practicality, but more because of the cost than anything else.
Since man made global warming is a myth to start with we don't need a "panacea" for oil. What we do need is more drilling in the US and someone to work on a way to make Hydrogen a viable fuel source, not to offset global warming, which does not exist, but to take the place of oil when it runs out, which it has to do sooner or later. Get your brain fixed, it obviously needs it if you believe in global warming.