I found some old publications (1993, 1995) about the cost and energy ratio of producing ethanol.
Since these were before the current political issues, and current gas prices, I hope they reflect reality more than the dubious claims of late.
To sum up a bunch of long and complex equations and calculations, growing crops to produce ethanol is profitable, even without Government help.
The worst return is to use petroleum based fertilizers, and petroleum for heat.
The highest return is from rotating crops instead of fertilizing, use the plant waste for heat and mulch, make biodiesel from the oil (corn and soybeans), which is used to run farm equipment, and sell the ethanol locally, rather than shipping it any distance.
Doing all that can make the same land and water available, 3 times more profitable than just growing crops for feed or oil production.
Utilizing the fermentation method discovered in Brazil, profits can be increased another 15%.
Profits also rise as Oil prices increase, because costs remain flat while gas and diesel prices rise. Added benefit is independence and continued fuel supply if a disruption occurs in oil distribution.
Downside is, even with all that, there isn't enough water to turn even marginal lands into fuel production. Using fast growing trees for ethanol could boost production to supply 10% of vehicle use, but this still doesn't meet heating fuel demand.
Interesting times, interesting times.
If anyone can find online publications on this, it would be appreciated.