It is not a black hole that eats up more energy than it produces.
At present oil prices, ethanol can compete with OPEC.
Greed, corruption, capitalism, and industrialization and their effects have been known about for decades. What makes you think it will be any different for ethanol.
http://www.westbioenergy.org/july98/0798_01.htm Oklahoma Researchers Test Switchgrass for Biofuel Production
A sea of switchgrass once grew in the central and eastern portions of the United States from the Gulf Coast to Canada. Today, switchgrass survives mainly on land not used for other purposes, land that is poorer in quality or land in the U.S. Department of Agriculture's Conservation Reserve Program.
However, if research at Oklahoma State University in Stillwater proves fruitful, this innocuous native grass may once again wave across vast areas grown as a feedstock to make biofuel.
Biofuel is fuel derived from plants. One biofuel, ethanol, is primarily made from corn and grain sorghum and blended with gasoline, but ethanol also can be made from other plant matter, waste dairy products and grasses such as switchgrass. Research has shown that, with the right infrastructure, ethanol could be produced from switchgrass more efficiently than from corn.