As a side note - alcohol is a very viable fuel source. After all, that's what prohibition was all about: getting rural areas away from running farms and farm equipment on Alcohol - not getting people to stop drinking it! Soon as the farmers stills were all smashed, prohibition ended.
Brazil fuels its vehicles mostly on alcohol, from what I've heard - american cars, VWs, everything.
And it's true, alcohol has less oomph - it takes a 15/1 compression ratio to extract the power from it, and that's the reason our vehicles lose power running it. We're just not set up for it here.
Another example - remember the Vincent Black Shadow - a 140 mph bike? Its twin sibling the Black Lightning was good for another five or ten mph - and it ran on alcohol.