Some folks worry about the effects of ethanol in a fuel system that may not have been designed for it.
That aside, the energy content is less. Which is what you're really buying in the first place as opposed to a certain volume.
A few years ago there were concerns about "hot fueling" in Raleigh. When you buy fuel you really should be buying by the pound (note that aviators typically report their fuel load as xxx pounds) but as a practical matter its much easier to measure liquids by volume. Since fuel tanks are buried the assumption is that the fuel in the buried tank is at a fairly constant temperature which allows you to assume a certain density and equate a volume to a weight. "Hot fueling" happening when fuel is sold so quickly that the fuel from a tanker (which is likely warmer in the summer and less dense) is dispensed from a pump before reaching the assumed ambient temp (and density/weight) in the underground tank. "Hot" fuel is less dense, so you are getting less weight (and less energy) per volume.
http://www.cbsnews.com/stories/2007/07/ ... 3244.shtml
So, back to my point, the very gov that was worried about all of the above now completely ignores the fact that ethanol has less energy per gallon than pure gasoline. The cynics would say ... follow the money.
Frank