Methanol is made from syngas, and it's not much of a stretch to use the glycerine byproduct (and a little bit of the waste oil) to produce all the required syngas.

Maybe not cheap enough at the moment, but that time will come.

The left over glycerine can be used to produce biogase, methane. This is being done in Sweden in reasonable scale.

The same goes for press cake from rapeseed oil production and leftovers from ethanol fermentation that is not needed as cattle feed. The only (so far) large scale ethanol plant in Sweden has been complemented by a biogas plant that uses chaff from the wheat before grinding and sludge after distillation for methane production.