Yes & No!
Mineral Oil is a fossil fuel & is not renewable & would not be classed as a BioFuel
Vegetable Oils are renewable & would be classed as BioFuels
It depends which type of oil you are referring to. If you are referring to petroleum, it's not a biofuel in the usual sense. Current usage of the term "biofuel" indicates fuel made from recently...
Bio fuel is made of current biological products (soy bean oil, etc) rather than historic deposits of "mineral" oil. It's expensive to make, and if oil is cheap then no one will bother.
This oil originated in Canada and has became known as the Canadian oil, or canola. Canola oil is second only to flaxseed oil as the highest vegetable source of the essential omega-3 fatty acids. Like...