Issuing an executive order Tuesday, President Joe Biden said drivers across the country will not have to buy the more expensive 'summer blend' of gasoline.
said drivers across the country will not have to buy the more expensive "summer blend" of gasoline.
"I’m doing everything within my power by executive orders to bring down the price and address the Putin price hikes," Biden said.President Biden said energy prices caused about two-thirds of last month's inflation, suggesting it could soon cool off. But energy market experts are skeptical. "The global oil market is under supplied by at least 2-million barrels a day. And that's not going to change with the short term situations. So, the energy component, as far as inflation, is not gonna go away," said Phil Flynn of Price Futures Group.
The president hopes price increases will moderate now that he's allowing the sale this summer of E-85. It includes 15% ethanol, a bio-fuel produced here in the Midwest, so the move could drive already rising farm prices across the area even higher.DOWNLOAD THE FOX 32 CHICAGO APP FOR BREAKING NEWS ALERTS"In fact, we've already made progress since march inflation data was collected.
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