Colombian government is currently promoting the commercialization and use of biogasoline in the country; this process started on November 1, 2005. Biogasoline (gasohol or E10 blend) is an ethanol-gasoline blend with 10 v/v % of ethanol. Ethanol is being produced by fermentation of sugarcane, maize, wheat or cassava crops. Both the government and the ethanol manufacturers have defended the potential of biogasoline in reducing the environmental deleterious effects that result from the use of fossil fuels in the transportation sector. However, there is scarce evidence in the scientific literature of favorable environmental impacts due to the use of gasoline oxygenated with 10 v/v % ethanol. Moreover, there is a worldwide controversy about using this type of modified fuel. A detailed scientific review showing the questionable environmental benefits of ethanol-gasoline blends is presented in this work. Potential release of highly toxic pollutants, contribution to the formation of photochemical smog and greenhouse gases, environmental sustainability, and groundwater pollution risk issues resulting from the deployment of E10 fuels are widely discussed.