So far, grabbing fossil fuels out of the ground has been an unbeatable way to get cheap energy. Since fossil fuels (presumably) come from decaying dinosaurs (and their contemporaries), it makes some sense that growing biofuels might be a way to generate a more renewable source of energy. Unfortunately, biofuel projects haven't quite demonstrated an obviously better way to replace fossil fuels. Here are just a few links to some biofuel info that could lead to more environmentally friendly fuels.
If you'd like to read more awesome and interesting stuff, check out this unrelated (but not entirely random!) Techdirt post