Ten ethanol production plants have filed bankruptcy in 2009 (and we're only half way through this year). Many of these were subsidized with your tax dollars.
This is what happens when the government forces something into the market before it's mature, cost-effective and even demanded by consumers.
As the corn prices skyrocketed and gas prices sank, no one wanted ethanol. I'm sure the realization that ethanol usually takes more energy to be produced than gas, and usually burns less efficient, didn't help either. This is what you get for letting politicians dictate economics and energy policy. Ethanol has a place in our energy system, but let us figure it out.
Read more here. -D
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