Yes, monetary policy is a huge rabbit hole. It is like trying to juggle jello - shit is falling all over the floor while the jugglers are telling you how smart and talented they are. The problem with ethanol is that it costs more to make it than gasoline and it doesn't burn as efficiently. Iowa and Federal government have been subsidizing it for years through various programs, but it isn't getting any more profitable. We keep hoping for some breakthrough in the concept, but it just hasn't happened and we've been trying for 1/2 a century. The EPA has too much power at the Federal level and state's have to meet the Federal minimums. Of course, then they can tack on more regulation if they choose. California does this and with the most commuters using vehicles per capita than anywhere else in the world, one would think they would be experts on the matter. Unfortunately, they are all about rainbows, unicorns, and keeping the Grand Ol' Party in power than they are about real solutions. Lastly, you bring up yet another reason that Carter was probably the worst President ever (if we blame him for all the bad shit in late 70's).