30M acres of US croplands are used to grow corn for ethanol. Each acre prevents 2-3 tons of CO2 emissions per annum, for a CO2 abatement cost of $200/ton. However, if these same acres were reforested, they could absorb 2x more CO2, creating a 150MTpa CO2 sink; while at $15-50/ton CO2 prices, farmers in the mid-West could have higher earnings. Hence this 15-page note asks if the rise of carbon removals could re-shape US biofuels?