that ethanol will not replace ALL the gasoline we need (thus won't be our energy savior) and therefor, they say, it doesn't deserve our attention or any investment. This reasoning is patently false in that even if ethanol can't replace ALL the gasoline demand that's no reason to not take advantage of the benefits ethanol can bring - reduced imports of gasoline, for one.
Regarding those studies you refer to ("Everybody has their own studies") I would like to see any studies you care to offer which purport that ethanol is not worth developing. So far, I haven't seen any that are convincing or even valid. The overwhelming evidence generated by legitimate research shows that ethanol production yields more energy in the end product than is invested in producing it. Here is one from the USDA for example -
latest USDA study). Research conducted by the Argonne National Laboratory, Michigan State University and Colorado School of Mines all show that there is a net energy gain in producing ethanol. A meta analysis of six studies of Ethanol energetics published in the journal Science, Jan 2006 concluded:
Ethanol can replace gasoline with significant energy savings, comparable impact on greenhouse gases. This compares to a 19% LOSS in the production of gasoline (Wang, Argonne National Laboratory).
The argument you insinuate that the only reason ethanol is being developed is that some people are making money from it ignores the fact that many more people (in the oil industry) are making much more money in petroleum with billions of tax breaks and program subsidies boosting their bottom lines. Were it not for these subsidies, gasoline would cost at least $5.00 a gallon at the pump(
http://www.iags.org/costofoil.html).
In fact ethanol is justified by the legitimate research. IT can replace about a third of the gasoline demand (Oak Ridge National Laboratory) and given research from MIT on direct ethanol injection engines that proportion could be boosted to 58% (if all cars and light trucks were using this engine).
MIT direct injection ethanol engine gets 30% better gas mileage than gasoline only engine