The New York Times gets it right:
The time has come for Congress to rethink ethanol, an alternative fuel that has lately fallen from favor. Specifically, it is time to end an outdated tax break for corn ethanol and to call a timeout in the fivefold increase in ethanol production mandated in the 2007 energy bill.
The situation is actually worse than that. It would have been better to say that ethanol has recent found favor, in spite of all logic. At any rate, we need to do far better than grain-based alcohol when it comes to replacing foreign oil.