Without
subsidies a fuel that takes more energy to produce than it produces is
going to be expensive.

True, but the data's old, 20 years or so on the cost of production. A study
from this year says you're about 30% ahead producing ethanol. And it's on
dryland (non-irrigated) corn so that leaves out at least one rather costly
input.

http://ianrnews.unl.edu/static/0403220.shtml

I'm no fan of miracle energy schemes but it seems sensible to cheer on folks
hoping to make energy out of renewable sources and eliminate total dependence
on petroleum, especially when so many dicey third-world governments control its
production...