I found this one the most interesting:
Myth No. 2: Ethanol production reduces our food supply.
False. Only 1 percent of all corn grown in this country is eaten by humans. The rest is No. 2 yellow field corn, which is indigestible to humans and used in animal feed, food supplements and ethanol.
Specifically, a bushel of corn used for ethanol produces 1.5 pounds of corn oil, 17.5 pounds of high protein feed called DDGS, 2.6 pounds of corn meal and 31.5 pounds of starch. The starch can be converted to sweeteners or used to produce 2.8 gallons of ethanol. DDGS displaces whole corn and some soybeans traditionally used in animal feed. The United States is a large exporter of DDGS to China and other countries.
Read the other four busted myths here.