Stick with it for the last two minutes...
I'm a big Colbert Report fan, and this interview with Craig Venter show why. Notice the comment about bacteria that can generate "gasoline from sugars".
As the bugs get better and better, the yield for bioenergy rises, and many of my criticisms of efficiencies become less valid. This whole science arena is made possible by high energy consumption and expensive energy supplies. While we are concentrating on supplying the feedstock, guys like Venter will make gazillions creating the life-forms that transform those calories into fuel.
Capitalism is a beautiful thing, man.