Wrong!
There isn't enough extra (non food producing) arable land to support biofuel production of more than a fraction of our current consumption. Studies have shown that it takes around 25% of the land producing biofuel just to fuel the tractor... not much better than draft animals, much worse when you figure that tractors don't make tractors. The embodied energy of creating and maintaining the tractor as well as processing the crop into fuel (something draft animals do on their own as well) puts this estimate at closer to 50% of the land. Check out these reports at The Sunshine Farm especially the report on Energy in Agriculture. The Land Institute / Sunshine Farm is pro-biofuel BTW, the scepticism is all mine.
One statistic states that if all the available cropland in the US was used to grow biodiesel it would only supply about half of our needs... not to mention a lack of something to eat.
Some folks are concerned enough to do something about it. I live next door to Dancing Rabbit an eco-village that recognizes the issues around peak oil. I'm not in total agreement about their choice of solutions, but they are trying.
--The meat is rotten, but the booze is holding out. Computer translation of "The spirit is willing, but the flesh is weak."