This article was updated to adhere with AtNight Media’s Code of Ethics
The White House revealed plans on Tuesday to address surging fuel costs and reduce reliance on foreign energy sources by extending the availability of higher biofuels-blended gasoline throughout the summer, Your Content has learned.
This move comes in response to the release of alarming consumer price index data, showing inflation at its highest level in 41 years.
Senior administration officials announced that President Biden will unveil the comprehensive plans later today.
The initiative will enable Americans to continue purchasing E15 fuel from June 1 until September 15, providing relief from the significant price hikes and the escalating inflation plaguing the country.
As of Tuesday morning, the average price per gallon of fuel in the United States stands at $4.10, significantly impacting consumers’ wallets.
This timely announcement coincides with the release of March’s consumer price index report, as the Biden administration aims to proactively address the concerning inflationary trends.
During a recent briefing, White House Press Secretary Jen Psaki cautioned that headline inflation would reach “extremely elevated” levels.
In February, the consumer price index (CPI) witnessed a substantial increase of 7.9%, marking the most significant surge in four decades.
With the extension of the availability of higher biofuels-blended gasoline, the Biden administration hopes to provide a practical solution to mitigate rising fuel expenses and combat the negative impacts of inflation, according to The Daily Mail.
—
Your Content for the latest updates. Have a story or news tip? Contact our 24/7 newsroom at 833.336.8013 or e-mail our tip line: [email protected]