Fill 'er up -- with beer?

According to an article in the Denver Post, Coors Brewing Co. has been using waste from the production of beer to produce millions of gallons of ethanol, which is in turn sold in the wholesale market. The paper reports that Coors, who has partnered with engineering firm Merrick and Company, plans to build another ethanol facility due to their current success as the demand for ethanol, a gasoline substitute, is at an all-time high in the United States. The beer waste is put through a two-hour refining process that produces 200-proof ethanol. It is then mixed with gasoline and shipped to gas stations across the country. The article also mentioned recent criticisms of ethanol, many claiming that it is not fuel efficient. The Post says the second facility, which will double Coors' current ethanol production, will transform into ethanol the millions of gallons of byproduct from more brands than just Coors, such as Killian's Irish Red.

Will this program reduce current gas prices? If so, is it worth using if it isn't as fuel efficient as current gasoline? Should modifications be made to current fuel systems in order to make it more fuel efficient?