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In page Ethanol fuel:

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In the United States, ethanol fuel has a "gasoline gallon equivalency" (GGE) value of about 1.5, i.e. to replace the energy of 1 volume of gasoline, 1.5 times the volume of ethanol is needed.[1] Although ethanol is usually less expensive than gasoline, ethanol in GGE is rarely cheaper than gasoline as the ethanol price is multiplied by 1.5.[2] High percentage ethanol mixtures are used in some racing engine applications since the very high octane rating of ethanol is compatible with very high compression ratios.[citation needed]