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LIVE: Biden to Deliver Remarks Menlo, Iowa on Lowering U.S. Gas Prices
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April 12, 2022
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1:06:12Now Playing(Apr. 12) President Joe Biden will allow expanded sales of higher-ethanol gasoline this summer in an effort to lower fuel prices and counter the political blowback from them.
Biden is set to unveil his plan during a Tuesday visit to a Poet LLC ethanol mill in Iowa -- the top U.S. corn state. Under an emergency fuel waiver, the Environmental Protection Agency will temporarily exempt E15 gasoline from anti-pollution restrictions that effectively block warm-weather sales of the fuel in areas where smog is a problem.
The shift could slightly lower pump prices. In areas where it’s already available, E15 sells at a 5- to 10-cent per gallon discount to regular gasoline, said Patrick DeHaan, head of petroleum analysis at retail tracker Gas Buddy. E15 gasoline is comprised of 15% ethanol, a biofuel commonly made from corn.
“It may also reduce oil consumption, replacing it with corn consumption,” DeHaan said. “However, the war on Ukraine could boost corn prices in the months ahead, so the calculus could change.”
A senior administration official estimated that the use of E15 could save motorists, on average, 10 cents a gallon. The administration has blamed the increase in prices squarely on Russia’s invasion of Ukraine.
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