Biodiesel FTW, diesel's get better MPG and better torque and making biodiesel or even running WVO is cheap as poo.....
Ive done lots of projects on Biodiesel and WVO for science fair and ive made biodiesel that is Government Quality (fuel standards) and its not hard at all. There are tons of people who make their own biodiesel in their garage and get the oil for free!
Not to mention it is carbon neutral, since your basically recycling the oil anyways. There are new strains of algae that can produce tons of oil (basically fatty acids) and make much more oil per acre than any crop and it will not raise food prices.