Claim 1: Ethanol gets Big Govt subsidies. Congress injects real money and tax breaks to support the ethanol business and price points that provide direct artificial price support to corn growers.
result: Prices Artifically Higher = glut of production.
Claim 2: Even though it cost more Energy to produce Ethanol than it gives back in fuel Energy... congress still stimulates the ethanol business. (Unlike global Warming there is actual scientific debate about this claim.)
result: Mal-Investment in Energy and Farm Resources.
My Conclusion : This is a bubble spured by government that has a net negative impact on the average US person. It is just like the Housing Bubble.
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