• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Politicsgas prices

Biden wants to let people buy blended gasoline to lower prices. There’s just one big problem

By
Tristan Bove
Tristan Bove
Contributing Reporter
Down Arrow Button Icon
By
Tristan Bove
Tristan Bove
Contributing Reporter
Down Arrow Button Icon
April 12, 2022, 4:46 PM ET

It’s one of the main drivers of U.S. inflation reaching a 40-year high, and among the factors most likely to hurt Democrats’ electoral chances in the November midterms.

It’s high gasoline prices, and President Joe Biden is starting to get creative in trying to lower them. 

U.S. gas prices currently average $4.27 per gallon, a sharp decline after a mid-March high that caused drivers to put in fewer miles on the road, sending demand for gas plummeting. But the national average is still well over $1 more per gallon relative to a year ago, and the current decline by no means indicates that prices won’t rise again. 

As summer nears, and demand for gas inevitably grows, a limited gas supply could lead to prices exceeding $5. One U.S. diplomat even warned that an inability to import more gas could cause prices to rise as high as $6 this year, something that has already happened in some parts of the country

Biden is desperate to reduce prices, and he announced his latest measure to do so on Tuesday. Speaking from a bioprocessing and ethanol manufacturing plant in Menlo, Iowa, Biden announced that he would make gasoline blended with ethanol available year-round instead of suspending its sale during summers.

Ethanol blended fuel is slightly more affordable, and Biden hopes the plan will bring prices down significantly at the pump, but the President will likely encounter resistance as ethanol fuel has for years drawn the ire of environmental and energy groups, to the point that the Environmental Protection Agency had banned its sale during summers since 2011.

What are ethanol gas blends?

The type of fuel Biden is targeting is known as E15 gasoline, a petroleum fuel combined with a 15% ethanol blend. Ethanol is made from the fermentation of starchy plants, usually corn.

Since 2011, the EPA has banned the sale of E15 in most of the country from June 1 and Sept. 15, because it contributes to air pollution when outside temperatures are high. E15 is still sold in 30 states, but only at around one out of every 65 gas stations in the country, according to the Department of Energy.

A less potent form of the mixture—known as E10, which only uses a 10% ethanol blend—has been approved for general use by the EPA for years.

In a call previewing Tuesday’s announcement, reported by Reuters, Biden administration officials said that the ethanol blend will be 10 cents cheaper per gallon on average than regular gas. 

“Those savings can add up, especially during the summer months, when fuel is elevated,” one White House representative said.

Year-round ethanol sales

For E15 to be sold during summer, Biden has requested a waiver from the EPA, although it would not be the first time the agency will have granted one.

In 2019, the Trump White House filed a similar request, citing a “​​commitment to energy independence, regulatory reform, and increasing the use of biofuels to give consumers more choices.” The EPA granted the waiver, achieving rare condemnation from both environmental groups, which worried about the health and climate risks of E15, and oil companies, which did not want biofuels to cut into their profits. 

For Biden, the priority is to reduce gas prices, and do it fast. High gas prices are now a leading cause of inflation, and the President and his party are being blamed by many voters for prolonged high prices at the pump.

The White House has tried to place responsibility for high gasoline prices on Russia and its ongoing war in Ukraine, and even calling the surge “Putin’s price hike.”

Biden has already tried several strategies to increase oil supply and lower prices. The U.S. is spearheading a global effort to release 240 million barrels of oil from emergency reserves before the end of the year, with 180 million coming from the U.S.. Biden is also pushing for U.S. oil companies to ramp up production, and has made diplomatic approaches to increase oil trade flows with other countries.

Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you.
About the Author
By Tristan BoveContributing Reporter
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

brigham
CommentaryRailroads
The U.S. freight network is broken by design. One merger could start fixing it
By Brigham A. McCownMay 21, 2026
43 minutes ago
Europe is considering price caps to control inflation. CEOs are shaking their heads in despair
EconomyLetter from London
Europe is considering price caps to control inflation. CEOs are shaking their heads in despair
By Kamal AhmedMay 21, 2026
2 hours ago
Vice President JD Vance rebuffs question about President Trump’s stock investments, says Trump is so wealthy he doesn’t trade stocks himself
PoliticsDonald Trump
Vice President JD Vance rebuffs question about President Trump’s stock investments, says Trump is so wealthy he doesn’t trade stocks himself
By Marco Quiroz-GutierrezMay 21, 2026
5 hours ago
frank
PoliticsObituary
Barney Frank, legendary liberal who ripped into left-wing dysfunction on his death bed, dies at 86
By Steven Sloan and The Associated PressMay 20, 2026
16 hours ago
bezos
Personal FinanceNew York City
Jeff Bezos on Zohran Mamdani’s big mistake: ‘When you don’t know how to solve a problem, create a villain, blame them’
By Nick LichtenbergMay 20, 2026
17 hours ago
electrical transmission lines hang over a housing development on March 24, 2026 in Sylmar, California.
EnergyElectricity
2025 was a turning point for your electricity bill and it’s just getting more expensive from here. It’s not just data centers
By Tristan BoveMay 20, 2026
17 hours ago

Most Popular

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
2 days ago
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
Success
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
By Preston ForeMay 20, 2026
20 hours ago
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Future of Work
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
By Mike Householder and The Associated PressMay 17, 2026
4 days ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
9 days ago
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
Workplace Culture
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
By Preston ForeMay 19, 2026
2 days ago
Current price of oil as of May 20, 2026
Personal Finance
Current price of oil as of May 20, 2026
By Joseph HostetlerMay 20, 2026
22 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.