GM to make biofuel out of garbage

General Motors is planning on making biofuel with garbage at a cost of less than a dollar a gallon, the company's chief has said.

The process is a significant improvement over corn-base ethanol because it uses far less water and energy and does not divert food into fuel.

"We are very excited about what this breakthrough will mean to the viability of biofuels and, more importantly, to our ability to reduce dependence on petroleum," - Rick Wagoner, GM's chief executive officer.