First-generation biofuels such as ethanol and biodiesel cannot replace petroleum, so the government should promote advanced biofuels instead, according to Joshua Kagan in this opinion column. Among the things that government can do to spur the development of advanced biofuels would be to impose a dedicated tax on oil companies, end subsidies for corn ethanol and establish a $100 million prize for a "drop-in" gasoline substitute that costs less than $2.50 per gallon.

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