The Ethanol thing is possibly the worst agriculture/energy policy known to man.
About 40% of US corn production is mandated to go towards ethanol production. The US is the Saudi Arabia of Corn (and food in general, really).
Corn prices are about double what they are last summer (not the result of the biofuels thing, which was going to happen anyways, but still...)
Corn is about 1/3rd as efficient (I think this is in terms of cost, but could be some other metric and cost is obviously volatile, will have to double check) to turn into ethanol as sugarcane is. But the US doesn't grow much sugarcane, and does grow a lot of corn.
They could import Brazilian sugarcane for much cheaper, but obviously that won't go down well with the farm lobby.
Meanwhile we have food riots in the middle east leading to political turmoil and higher oil prices (irony...); and surging inflation in China which has lead to a slew of administrative and monetary measures to try and cool things down. There is a real risk of a hard landing in China, which would be really freaking bad for the world economy.
We get complex subsidy and administrative control systems in the US leading to a boom-bust cycle in the ethanol industry.
We get crappier fuel economy and broken engines / emissions systems.
And in the third world they starve because 5 million bushels of corn is boondoggled away. Free market capitalists my ass.
Be a man, do the right thing, buy Shell V-Power.