Biden taps ethanol to help lower fuel prices as consumer inflation surges
MENLO, Iowa (Reuters) - U.S. President Joe Biden unveiled plans on Tuesday to extend the availability of higher biofuel blends of gasoline during the summer to curb soaring fuel costs and to cut reliance on foreign energy sources.
The measure will allow Americans to keep buying E15, a gasoline that uses a 15% ethanol blend, from June 1 to Sept. 15. While E15 is only 10 cents cheaper on average and is less "energy dense," meaning drivers would need to buy more fuel, it should still help lower expenses, senior administration officials told reporters on a Monday call previewing the announcement.
Only a few thousand U.S. gasoline retailers offer E15 at the pump and they must turn off the pumps during the summer season to comply with existing law. Biden told the crowd in Iowa that will change this summer, if only temporarily.
The courts struck down a prior bid by Biden's predecessor, Republican Donald Trump, in 2019 to extend a waiver that allowed year-round sales of E15.
The measure will allow Americans to keep buying E15, a gasoline that uses a 15% ethanol blend, from June 1 to Sept. 15.
www.reuters.com