How does the electric car translate in terms of gas prices?

This was what was said in an article "GM said the Volt will cost about 80 cents to fully charge at a rate of 10 cents per kilowatt-hour, which is about the national average. After that, the batteries will be recharged by a small gasoline engine that allows the car to travel hundreds more miles. GM said the engine will be able to run on E85 ethanol, a blend of 85 percent ethanol and 15 percent gasoline." and I wonder what that actually means in terms of dollars and cents. Has anyone said? I remember from the doentary "Who Killed The Electric Car?" that electric cars would translate into running at sixty cents a gallon, and am wondering if that holds with the new models or if it's another situation altogether.