Biden Takes Action on Gas Prices
This is an odd move that shows how desperate President Joe Biden is to get prices down ahead of the midterms.
From Fox Business. President Biden on Tuesday is set to announce that the Environmental Protection Agency will allow E15 gasoline—gasoline that uses a 15% ethanol blend—to be sold in the United States this summer in an effort to expand Americans’ access to affordable fuel supply amid the surge in gas prices across the nation.
The EPA is set to issue a national, emergency waiver. Without the action, the White House said E15 cannot be used in most of the country from June 1 to September 15. The EPA is expected to take final action to issue the emergency waiver closer to June 1.
E15 is currently offered at 2,300 gas stations in the country, where administration officials say it can serve as an “important and more affordable source of fuel….”
According to the White House, at current prices, E15 can save a family 10 cents per gallon of gas on average….
Russian oil exports account for about one-third of Europe’s oil imports, however, for the United States, Russian exports are just under 10% of U.S. overall imports.
Biden has been criticized by both Democrats and Republicans for high gas prices, which have risen sharply under his administration even before Russia’s invasion. Many have publicly called for him to open up oil and gas drilling in the United States to lessen the country’s dependence on foreign oil.
Biden, since banning Russian oil imports, has worked with allies and partners through the International Energy Agency to authorize a historic release from petroleum reserves around the world, which the White House said will put 240 million barrels of oil on the market in the next six months—more than one million barrels per day.
Biden also called for a “use it or lose it” policy to make oil companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are holding without producing.
The White House also said Biden has put forward “concrete steps” to promote “real independence” from fossil fuels by working to accelerate the transition to clean energy.
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(Excerpt from Fox Business. Photo Credit: sippakorn yamkasikorn on Unsplash)
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