General Motors issued a statement in response to a USA Today report this week on a cost-benefit analysis of E85 ethanol, saying the report failed to take into account several positive factors.

“We believe ethanol as a renewable fuel is the best near-term alternative to oil as a transportation fuel and replacing gasoline with ethanol positively contributes to lowering greenhouse gas emissions,” said GM Chief Economist Mustafa Mohatarem in the statement. “You cannot take a snapshot in time and define a mature market.”

The analysis cited in the report was conducted by the Pardee Rand Graduate School.

When the Rand study was previewed at GM in October, the authors were told their work did not account for the significantly lower cost of second-generation ethanol that will be made from cellulosic and biomass feed stocks. Most estimates show the cost of making Gen2 ethanol at $1 or less a gallon before distribution costs.