Jim Greenwood, president of Biotechnology Industry Organization, says the biofuels industry, namely starch-ethanol production, has become the scapegoat for skyrocketing food costs and shortages. MarketWatch's Val Kennedy reports.

Biofuel can be theoretically produced from any (biological) carbon source. The most common by far is photosynthetic plants that capture solar energy. Many different plants and plant-derived materials are used for biofuel manufacture.

Biofuels are used globally and biofuel industries are expanding in Europe, Asia and the Americas. The most common use for biofuels is as liquid fuels for automotive transport. The use of renewable biofuels provides increased independence from petroleum and enhances energy security.