Couldn’t have said it better myself:
Corn is great food, but lousy energy. Energy derived from corn–ethanol–cannot compete in the marketplace with more efficient sources of energy, like petroleum, unless its producers get money from the government to artificially lower the price of their product. This is what is known as “green energy.” It amounts to having a bonfire with your money. Well, no, not exactly a bonfire, since, while there is undeniably a net inefficiency and thus a destruction of wealth, your money doesn’t go up in smoke. Rather, your tax dollars are transferred to a combination of Midwestern farmers and politically connected ethanol plant developers. Like other government subsidy programs, it’s great if you get to cash the checks, but bad if you are a taxpayer or an energy buyer.
Which makes it bad for nearly all of us in the long run. Until even the farmers understand this and refuse to give up short-term gain for long-term stability, however, we’ll keep propping up a system which should collapse under its own inefficiencies.