This week, the White House worked to reduce high prices at the gas pump and seek some relief from the political backlash over high energy prices brought on by the war with Iran.
This week, the White House worked to reduce high prices at the gas pump and seek some relief from the political backlash over high energy prices brought on by the war with Iran.
Transcript
This week, the White House worked to reduce high prices at the gas pump and seek some relief from the political backlash over high energy prices brought on by the war with Iran.
EPA Administrator Lee Zeldin issued a temporary emergency fuel waiver on Wednesday to allow the nationwide sale of E15. Nearly one-third of the U.S. corn harvest goes for the production of the renewable fuel.
This is the fifth consecutive year that a waiver has been issued allowing E15 to be sold nationwide at any of the 3,000 gas stations in the country that are properly equipped to dispense the blend. Roughly 2% of the gas stations in the U.S. can sell the blend marketed as Unleaded 88.
The waiver starts on May 1st for an initial run of 20 days, but can be extended if high fuel prices persist due to the Iran War. Ethanol industry and agricultural lobby groups applauded the move.
Nation-wide year-round sale of E15 has long been a goal of the ethanol industry. Eight Midwestern states currently sell E15 year round.
Fuel industry analysts believe that the additional sale of E15 could shave a few cents off the price at America’s pumps. The average price of gasoline in the U.S. has risen 33 percent in the last month, to over $3.98 per gallon, up more than a dollar from before the initial offensive on Iran.
In response to attacks by the U.S. and Israel, the Iranians destroyed petroleum infrastructure in the region, as well as struck shipping in the Strait of Hormuz, effectively closing the waterway to oil tanker traffic. The Strait is the access point for 20% of the world’s petroleum and liquified natural gas exports.
For Market to Market, I’m Peter Tubbs.
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