MENLO , April 13 — US President Joe Biden unveiled plans yesterday 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 decision represents a win for the US corn lobby by likely expanding demand for corn-based ethanol and a setback for oil refiners, which view ethanol as competition. “You’re not going to show up at your local gas station and see a bag over the pump that has the cheapest gas. You’re going to be able to keep filling E15,” Biden said.“It’s not going to solve all our problems,” Biden said.
Russia’s invasion of Ukraine and sanctions and boycotts that followed launched retail gasoline prices to record highs, a vulnerability for Biden’s fellow Democrats in November’s congressional elections. “We applaud President Biden and his administration for recognising that low-cost, low-carbon ethanol should be given a fair opportunity to strengthen our energy security and reduce record-high pump prices,” Renewable Fuels Association President Geoff Cooper said.“Americans are looking for long-term solutions, not short-term political fixes ” said Ron Chittim, a spokesman for the American Petroleum Institute, the oil industry’s main lobbying organisation.