Biofuels not the Answer?

I'll admit when I first learned of Biofuels (E85/ethanol) I was pretty excited. Being quite the car enthusiast, I thought it a great idea that with E85 cars could easily produce less greenhouse gases while still maintain very decent power output and gas mileage.

However, recent stories throughout the net have been published and backed by various economists stating that Biofuels are not going to be the answer. Their arguments are sound but Im stuck in the middle at this point.

Basically it appears that because the agriculture industry would be in such high demand by the oil companies, lower income areas and other livestock farmers who rely on access to cheap agriculture -- corn for example -- will have to suddenly pay higher prices. This will then effect the price of livestock (chickens, beef, etc) and cause lower income areas to be forced to seek alternatives.

An excerpt from an article in the British "Guardian Unlimited":

"Since the beginning of last year, the price of maize has doubled. The price of wheat has also reached a 10-year high, while global stockpiles of both grains have reached 25-year lows. Already there have been food riots in Mexico and reports that the poor are feeling the strain all over the world. The US department of agriculture warns that "if we have a drought or a very poor harvest, we could see the sort of volatility we saw in the 1970s, and if it does not happen this year, we are also forecasting lower stockpiles next year". According to the UN food and agriculture organisation, the main reason is the demand for ethanol: the alcohol used for motor fuel, which can be made from maize and wheat."

You can read the full article here