It seems to me a reasonably well founded argument that it's too expensive to make ethanol from corn. But using other bio sources might be feasible, such as switch grass (as mentioned by our Pres in SOTU) which grows abundantly all over the U.S. and even though GW said it

it seems well supported by other expert opinion, such as this NPR commentary:
http://www.npr.org/templates/story/s...toryId=5183608
Also, if you look down that page, you'll see another opinion against jumping on the bio-fuels bandwagon.
I'm still on a fence about both issues since I haven't heard or read enough debate from varied sources, and when I feel bad about expensive gasoline, I calculate that a 12oz mug of nice cold beer at $1.50 (a pretty reasonable price) amounts to $16/gallon and I'm sure not giving up cold beer.