An environmentally beneficial process for the production of fuels and chemicals employs carbon dioxide from a natural source or from an artificial chemical source that would otherwise be discharged into the environment. The carbon dioxide is converted to formic acid and the formic acid is then non-biologically converted to fuels and/or chemicals without the intermediate process of hydrogenating the formic acid to methanol or reacting the formic acid with ammonia to form formamide. In the present process, formic acid is converted to one of seven primary feedstocks: formaldehyde, acrylic acid, methane, ethylene, propylene, syngas, and C5-C7 carbohydrates. The formaldehyde, acrylic acid, methane, ethylene, propylene, syngas and/or short chain carbohydrates can either be used directly, or can be converted into a wealth of other products.