Corn costs, delivered in bulk, $2.80 / bushel.
( and by bulk, I mean you sign a contract for 500 million pounds )
Corn makes 2.8 gallons per bushel.
Corn costs $1.00 per gallon.

It takes just 0.41kWh of electricity to make a gallon of ethanol.
Again, at industrial prices of $0.06 / kWh...
Electricity costs $0.02 per gallon.

It takes 18,000 btu of natural gas to make a gallon of ethanol.
Again, at industrial prices of $0.65 per 100,000 btu
Natural Gas costs $0.12 per gallon.

Manufacturing cost is about $1.14 per gallon of ethanol.

Selling off the carbon dioxide for profit reduces the $1.14 cost.
Selling of the distiller's grain for livestock feed reduces the cost even more.
Even after paying for employee's and health benefits, we're down to close to $1.05 per gallon of ethanol.

It sells wholesale for about $1.89.
You, the customer can buy it now for $2.49 in the mid-west.
A year ago it was $1.99 at the pump retail.