First, we are not running out of oil. In 1920 it was estimated that the world supply of oil was 60 billion barrels. By 1950 it was up to 600 billion, and by 1990 to two trillion. In 2000 the world supply of oil was estimated to be three trillion barrels.
But ethanol is not a good gasoline substitute. It takes some seven gallons of oil to produce eight gallons of corn-based ethanol--diesel fuel for the tractors to plant and harvest the corn, pesticides to protect it, and fuel for trucks to transport the ethanol around the country. So there is not much energy gain, nor with all the gasoline involved does it help with global warming by reducing carbon dioxide emissions. And ethanol yields one-third less energy per gallon than gasoline, so that mileage per gallon of ethanol-blended auto fuel is less than gasoline mileage.
Sometimes it is hard for me to believe how incompetent our Federal Government has become. Oil, Nuclear Power, and even coal can solve all of the energy needs of America, but our elected representatives are choosing to use tax money to promote ethanol production. What absolute knuckleheads!