Biofuel groups are applauding the administration as the EPA announces plans to allow summer sales of E-15. The CEO of the American Coalition for Ethanol gives some insight.
new four-decade high. the consumer index climbed the fastest annual like. putin s invasion in ukraine has driven up gas prices and food prices all over the world. reporter: the president taking aim at those high gas prices today while touring an iowa ethanol plant where he announced a plan to temporarily allow a blend of gasoline to be sold this summer suspending the ban on fuel known as e-15. it was a rare presidential visit to the small community in a conservative county where the economy is on the minds of detractors for me, to compare it to two or three years ago, on the same products. today it is tremendously higher. reporter: and supporters alike. when people are hurting and in tough times, we really
your basics are costing you more so as a result, you have to choose what you re not going to buy that you were buying before. that s why president biden is using that, today, this bio fuel center he s touring in iowa, to make this announcement about what the white house hopes will be a step that will lower gas prices a little bit by allowing consumers this summer to purchase what s called e-15, a bio feel that has up to 15% ethanol in it. it costs about 10% per gallon less than a normal gallon of gasoline. this is not something that s going to solve the price problem for people, but it is an effort by the administration to show where they can take action to make people s economic a little better. they re doing it. ron, as we look and wait for the president to make these comments and as josh has laid out the strategy, help us to put this inflation spike, if you will, into context and give us a