Not since prohibition has ethanol—that intoxicating compound found in beer, wine, and hard liquor—held such a high profile in America's public policy debate. Whether made from corn, sugarcane, woodchips, or the newly famous "switchgrass" mentioned by President George W. Bush in his 2005 State of the Union address, ethanol is being held up as a solution to a number of public policy concerns, including reducing conventional air pollutants, minimizing greenhouse-gas emissions, ending foreign oil dependency, reinvigorating the family farm, and a host of other ethanol-fueled dreams. In an effort to shed light on a policy issue consuming increasing sums of taxpayer dollars in research and subsidies to ethanol producers, panelists at this conference will examine the benefits and detriments of ethanol fuel.