GM Crops?....Biofuels?...Bring 'em On!!!

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This article: http://www.commondreams.org/archive/2008/02/01/6790/ has just this moment inspired my own answer to several "biofuel" problems. If we need "biofuels", wouldn't it make sense to make use of something that grows fast and large, such as a sequoia? And if we need genetically modified plants, why can't they be as a result of crossing the sequoia with a high octane yielding plant, perhaps one even better than corn or willow? For certain, much less corn if any, would need to be taken out of the food chain, which in itself relieves some biofuel negatives. Wouldn't this be worthy of Monsanto and others's greed, and the public need for cheaper sustainable fuel? Are we being short changed and manipulated by the corporations? Isn't the current direction highly questionable? Isn't it absolutely wrong?