Biofuel efficient?

Again the question pops up when I read this article on The Star. I know all the hoo-ha about biofuel being a feasible replacement for petroleum, the question is really how feasible is it. By today's standard I would imagine that petroleum is still far cheaper than biofuel, it is a fact, and Petronas knows it.

clipped from thestar.com.my Saturday April 7, 2007 Biofuel project firm given five years to produce results THE state government has given the company picked to set up the country’s first major biofuel refinery plant five years to produce results. Ramly also told Nga Kor Ming (DAP – Pantai Remis) that previous studies had confirmed that the project was cost-effective.

Datuk Ramly Zahari: When you mention that previous studies had confirmed that the project was cost-effective, did you question the studies' on whether they included the environmental cost of the project? I know that oil palm contributes a lot to our economy, it is probably time we find a feasible solution to counter the environmental impact it has.

Again questions:

• Did the studies include the social cost(environmental cost) of producing biofuel.
• Would this have any effect on the cooking oil market? (Most vegetable oil are, to my knowledge, derived from oil palm)
• Five years to produce what type of results? Profits? Social impact? Job creation?
• Five years enough? We are talking about an alternative to petroleum, which is by far cheaper.
• Is biofuel really efficient?