Biden authorizes E15 gas sales to counter ‘Putin’s price hike’

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Like promised last monthPresident Joe Biden issued an emergency fuel waiver allowing E15 gas for sale across the country this summer in an effort to blunt exorbitant fuel prices.

The sale of E15 gasoline, which contains a 15% blend of ethanol, is generally banned from June to mid-September due to air quality concerns.

“The President has pledged to do all he can to address the pain Americans are feeling at the pumps following the [Russian president Vladimir] Putin’s price hike and the unwarranted impact of his war on the world’s fuel supply,” said Jen Psaki, White House press secretary. mentioned Friday, calling the fuel waiver a “critical step in solving the fuel supply crisis.”

“At today’s prices, E15 can save a family 10 cents per gallon of gas on average and many stores are selling E15 at an even deeper discount and today’s waiver will allow families to pay this lower price for the coming months,” PSAki continued.

Currently, E15 gasoline is offered at approximately 2,300 filling stations across the country.

Meanwhile, as reported by the Los Angeles Times, significant relief from high gas prices is unlikely to occur in the near term. In Los Angeles, the average price of a gallon of regular gas soared above $5.75 on March 9 and hasn’t fallen below since. Nationally, the average price is $4.19, according to AAA data.

“We may not always see less than $5 a gallon until there is a long-term resolution between Russia and Ukraine,” said Patrick De Haan, head of oil analysis. at GasBuddy. Time.

Unpredictable crude oil price and uncertainty in China over COVID outbreaks and lockdowns add more volatility to gas prices. “The volatility we’ve seen is wild,” De Haan said.

“The market is trying to digest all these factors that influence prices significantly but change day by day,” he continued.

The result is that gas stations decide to keep prices high in such an environment. “Stations would rather not lower prices than lower and have to go back up later,” De Haan concluded.

While many Americans continue to feel the pain at the pumps, the trucking industry is also being hit hard, according to fox business.

On Sunday, the price of diesel hit a record high in the United States at $5.296 per gallon, up more than 4% from a week ago and nearly double from a year ago.

“Prices are skyrocketing, and we’re still not getting good prices for loads,” said Michal Agboire, who works for Maitland Trucking. WNCN in Raleigh, North Carolina. “If it goes over that and the charging price doesn’t go up, then maybe we’ll stop it,” he added.

In other bad news for Americans, the high cost of diesel is being passed on to consumers.

“To cover the rising cost of diesel, truckers must increase the rates charged to haul freight. These increased rates are then passed on to consumers via higher costs at the retail level,” Ron Faulkner, president of Faulkner Trucking and 2022 president of the California Trucking Association, wrote in a statement. editorial for the fresno bee.

“So you’re paying high fuel prices at the pump and at the grocery store checkout,” he concluded.

Ethen Kim Lieser is a Washington State-based finance and technology editor who has held positions at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow him or contact him on LinkedIn.

Picture: Reuters.

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