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Biofuel costs roughly a bit less than $2. Why is this considered high?

I’ve read that grain ethanol costs around $1.75 a gallon and cellulosic biofuel costs around $1.80 a gallon. I went on a website and it mentioned fuel costs “tumbling” from $1.75 in January of 2005 to $1.23 in early April. Is $1.75 considered expensive because there’s less oil efficiency when compared to gasoline?
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