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I would expect it to also be less expensive but they don't show us that information.
I personally wouldn't mind if my fuel mileage goes down if the cost is also proportionally lower.
Also, ethanol has a energy density of roughly 2/3 that of gasoline, so yes e85 would have 5% less energy than gasoline with no ethanol, not e10, which is what I see as the listed price in most places. When doing a price comparison, it should be against e0, not e10 if you are expecting a 5% energy difference.
Where I have purchased it it has been cheaper.
We also pay for it in grocery costs from crops switching.