From:
Economics of corn ethanol in the U.S.
While the energy balance of ethanol production is controversial and estimates vary widely, the economics are more certain. Ethanol production from corn costs $1.10 per US gallon (290 $/m²). [7] This figure takes into account a government subsidy of $0.214 per US gallon (57 $/m²). Additionally, corn farmers receive subsidies equivalent to about $0.61 per US gallon (161 $/m²) of ethanol. Finally, the government subsidizes $0.54 per US gallon (143 $/m²) of ethanol sold as fuel. Totaling these subsidies and including the $1.10 cost of production gives $2.464 per US gallon (651 $/m²) of ethanol.
The national trade deficit (USA) has risen to an all time high of $686 billion. Most of this rise has been attributed to the record high prices of crude oil ($67/barrel). [8] Domestic production of ethanol for fuel has the potential to ease this deficit.