Following facts revealed on CNBC's "Fast Money," 5/27/08 * One-third of the American corn crop this year will go to ethanol production. That will provide only 3% of our fuel needs. * It takes 1700 gallons of water to make one gallon of ethanol. * That one gallon of ethanol also requires 51 cents in tax subsidies to be produced. * Experts now agree that ethanol production is going to INCREASE greenhouse gases, as forest land is cut down to make room for planting corn. * Corn production has displaced wheat and soybean production, directly causing a broad rise in food prices, even foods that don't use corn. The amount of corn being diverted to ethanol production is affecting animal feed, causing price increases in beef, pork, poultry, milk and eggs. When all that is added to the fact that you still expend more BTUs making a gallon of ethanol than you recover by burning it, it's pretty obvious that ethanol may be the biggest house-of-cards to come along in a long, lonnnnggggg time. Let's hope biodiesel gets the production kinks worked out quickly, because ethanol is obviously doomed....