LOS ANGELES -- President Bush's anticipated State of the Union comments on alternative energy may renew interest in corn, sugar cane and saw-grass futures, but don't expect ethanol to play any notable role in achieving energy independence, according to experts in the new issue of The Milken Institute Review.

Jerry Taylor and Peter Van Doren, both senior fellows at the Cato Institute, argue that highly subsidized corn-based ethanol is a non-starter as a serious effort to wean Americans off of their dependence on oil.

"The dizzying array of federal, state and local subsidies, preferences and mandates for ethanol fuel are a sad reflection of how a mix of cynical politics and we-can-do-anything American naivete can cloud minds and distort markets," say the authors.

The Milken Institute Review is sent quarterly to the world's leading business and financial executives, senior policy makers and journalists. Its editor is Peter Passell, former economics columnist for The New York Times.

The Milken Institute is a nonprofit, independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations around the world.

SOURCE: Milken Institute via Business Wire.