You ignore option three...
Repeal the law allowing domestic oil be exported, and open up some of those closed lands to drill. No need for foreign oil at all, not when the US was and could return to both a net exporter and one of the largest overall producers in the world.
As someone who previously had a coastal and marine background, look up a little thing called the gulf of Mexico dead zone which keeps growing.
You know what causes it? All that corn growing and the associated runoff into rhe Mississippi River basin of the fertilizers and pesticides.
Ethanol does NOTHING well, it's just corporate welfare to large farm interests. It uses more energy to make than it generates, it's corrosive and shortens engine life, lessens mpg, increases fuel costs per mpg, kills the environment, pollutes the air. So on so forth.