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For right now its mostly drawbacks. Ethanol absorbs water which makes it tricky to store in a fuel tank. It is also slightly corrosive to unprotected metal and rubber. An ethanol burn puts out less energy than gasoline as well. The most important benefit would be energy independence for countries with very large areas of arable land like the Unites States and Russia. Ethanol does not burn as violently or uncontrolably. Also, water will put out an alcohol fire once the alcohol is diluted but water will not put out a gasoline fire very easily. Ethanol is also not as toxic as gasoline however some toxic substance would have to be added to it (called denaturing) to prevent its abuse.

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Q: What are the benefits of ethanol as fuel?
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