I think the biofuels quest is the wrong direction. Although the genetic research to increasing crop yields is valuable. So even if we never use the science for biofuels at least it should benefit humanity.
We really only need oil for transportation, and that is because of oil’s ultra high energy density. Any fixed use energy needs we can meet with nuclear, and worst case coal.
And we’re probably only 5 years away from a plug-in hybrid vehicle. 80% of America’s gasoline useage is in trips less then 20 miles. Therefore plug-in hybrids with a range of 20 miles would reduce our total vehicle gasoline use by nearing 80%.
Trading the oil companies for the public utilities is a step in the wrong direction.