Interesting.
Does racing fuel have a high percentage of methyl alcohol as opposed to ethyl?
The Indy Racing League uses ethanol. The "top fuel" class in drag racing uses nitro methane.
By the way, corn is used as the ethanol feedstock of choice in the US because it's comparatively plentiful, easy to handle and transport and easy to distill. The cost of corn per gallon of ethanol produced is in the mid fifty Cent range, making production of ethanol wildly profitable in the current market.
I agree with you that subsidies distort the market, but they do so for the oil industry just as they do for any other. Congress shouldn't hand out goodies to any industry.