I have been quiet about ethanol so far, but Jesus...this is most ridiculous idea ever. More later, but one reason which I'm sure you've seen. You're then driving poor people's food. But here it is reposited:
It's just a side comment from the FT:
"Retail food prices are heading for their biggest annual increase in as much as 30 years, raising fears that the world faces an unprecedented period of food price inflation.
Prices have soared as the expanding biofuels industry, climate change and the growing prosperity of nations such as India and China push up the costs of farm commodities including wheat, corn, milk and oils."
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