With oil prices well over $100 per barrel, policymakers are considering everything from new fuel efficiency standards to biomass in an effort to reduce U.S. gasoline consumption. High oil prices, global warming, and the vitality of the American farm have introduced words such as "ethanol," "E85", and "flexible-fuel vehicle" to American households. However, the potential costs and benefits of ethanol production should be considered objectively.  This month's newsletter explores the costs and benefits of America's golden fuel—ethanol.