U.S. President Joe Biden will unveil plans on Tuesday to extend the availability of greater biofuel blends in gasoline over the summer to curb rising fuel costs and reduce dependence on foreign energy sources. said the White House.
The move represents the government’s latest attempt to curb inflation, which hit a new 40-year record on Tuesday.
The decision also represents a victory for the US corn lobby, likely expanding demand for corn-based ethanol and a setback for oil refiners who see ethanol as a competitor.
The move will allow Americans to continue buying E15, a gasoline that uses a 15% ethanol blend, from June 1 to September 15.
While E15 is just 10 cents cheaper on average and yields less than pure gasoline, meaning drivers would need to buy more fuel, the move should still help reduce expenses, officials told reporters in an advance call from the announcement.
“These savings could increase, especially during the summer months when fuel is high and as the supply emergency caused by Russian President Vladimir Putin’s aggression continues,” a government official said.
Source: CNN Brasil
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