If only we could also grow sugar cane near the equator it might make sense. Maybe if we could import Brazil's cheap sugar or their cheap ethanol.
No maybe. We'll be importing both, or did you forget about CAFTA?
We already are to some extent and it will definitel increase in the near future.
There are two things preventing large scale importation of fuel grade ethanol. First, ethanol is regulated by BATF so it faces additional obstacles for importation; and second, the oil companies only blend ethanol in the gasoline to the extent they are forced to do so by the Fed. Gov.. The oil companies have little interest in weaning the US from is use of oil/gasoline.