From wiki:

There is ongoing research into finding more suitable crops and improving oil yield. Using the current yields, vast amounts of land and fresh water would be needed to produce enough oil to completely replace fossil fuel usage. It would require twice the land area of the US to be devoted to soybean production, or two-thirds to be devoted to rapeseed production, to meet current US heating and transportation needs.


That being said, if we can figure out a way to get the algae-method of oil production to work, then it just might happen. Of course, the rub is going to be that Big Oil will do all the research and own all the patents and shelve all of it until they milk us for cash like a prized dairy cow.