Biofuels provide some economic and environmental benefits but also have significant downsides. The economic benefits include creating new jobs, reducing oil imports, and spurring investment. However, biofuels are energy inefficient, using more energy to produce them than they generate. They also compete with food production and can lead to increased food prices and environmental degradation if produced unsustainably. While biofuels may provide energy independence in the short term, many experts argue they are not a long term solution due to these limitations.