I think you are correct.
I have seen various reports that say when it is all said and done, it takes 60-70% more energy to produce a gallon of ethanol than the amount of energy you get from it. It takes something like 130,000 btu’s of energy to produce a gallon of ethanol which only has about 80,000 btu’s of energy.
Last I recall reading, it cost about $1.70 to make a gallon of ethanol vs about $1.00 to make a gallon of gas. With that math, a gallon of E10 would have cost roughly $1.07 to produce while a gallon of E85 would cost $1.60 to produce.
Here is one article on the topic.
https://www.organicconsumers.org/sc...equired-make-ethanol-actually-ethanol-cornell