Not true. I know what studies you might be referencing, and they do not take into account some of the refining, shipping and multiple 'cocktail blending' costs.
That's inaccurate: Argonne National Laboratory Ethanol Study
I have no great fondness for ethanol, but there are a lot of myths circulating, and many of them come from "deep ecology" types who want us to stop driving cars, or better yet, die off.