Ethenol is crap. You can't pump it via a pipeline, it has to be trucked or shipped via barge, which makes it impractical. That, and its efficiency rating is much lower than gasoline.
My solution: Drill in ANWR, drill off the continental shelf, drill everywhere! Heckl, I'd even move my kid's swing set so they could drill in my back yard. Whatever it takes to get more oil on the market. With that said, however, I do think that alternatives need to be explored while this is going on. Coal, natural gas, wind, solar, etc., can all be viable, large scale sources of energy. Regardless of what the tree huggers say though, oil is NOT the enemy - ignorance is. Every aspect of your modern life is touched by oil: your car, medicine, computers, etc. are all either made of, or made possible by, oil at some point so getting rid of it altogether is not an option. There exists no known all-encompassing replacement for oil. But for some aspects there are, and those are the areas we should look into.