Ethanol is as hot as an internal combustion engine these days. Judging by the press it's been getting, embracing ethanol seems to be as American as setting off fireworks on the 4th of July. But there are numerous complexities to the issue, particularly as it relates to ethanol sources, farming, production infrastructure, and current economic dynamics. Ethanol presents many new opportunities, but it’s not going to alter the realities of the global marketplace.