Current bio-fuel production methods are horribly inefficient, and cannot last in the long term. The Corn plant is simply too valuable as a food supply, and too low in oil, to ever be suitable for mass usage as a fuel supply.
However, recently, scientists in Brazil have begun to look into cane sugar plants, (much easier to convert into fuel) with much more promising results.
Personally, I believe that the future of biofuel lies in ocean kelp or bamboo, some of the fastest growing plants on earth, and kelp has an incredibly high natural oil percentage (bamboo does not, but it is much easier to cultivate). Apart from being a toothpase and makeup additive, kelp has no other practical uses, so I cant imagine the plant being very expensive either (until the demand increases that is)
and Ajax, I am studying to be a biochemical engineer, so I'm about as close to an expert as were going to get.