As of 5 minutes ago, worldwide gasoline spot market price (for June delivery) is $2.12/gallon. Worldwide spot market price for ethanol (May delivery) is $2.62/gallon!
It's a good thing our cars don't run on 100% ethanol--or we'd be paying about 50 cents/gallon more than we are for just gasoline.
I guess that the ethanol companies are 'ripping us off' even more than the oil companies then, right? (sarcasm--off)
Another thing to consider is the btu rating of ethanol as compared to gasoline.
I don't know exactly, but I think gasoline is somewhere around 120,000 btu per part. Ethanol is only about 70 to 80,000 btu per part. That means that your engine needs to burn more ethanol to get the same performance as gasoline.
I'm doing this from memory. I don't remember the exact numbers, I read this in one of the popular science or mechanics mags.