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Gas prices may increase after 2024 election if Biden wins: Report

President Joe Biden speaks in the South Court Auditorium at the White House in Washington, D.C., on Dec. 8, 2022. (Yuri Gripas/Abaca Press/TNS)
February 21, 2024

A new report suggests that President Joe Biden’s administration may delay the implementation of a gas restriction change to avoid a potential increase in gas prices until after the 2024 presidential election.

According to Reuters, two anonymous sources familiar with the Biden administration’s discussions have claimed that the Biden administration will delay the implementation of a policy change request brought by Midwest state governors to allow the year-round sale of higher ethanol-gasoline blends until 2025 to avoid raising gas prices before the election.

According to Reuters, the proposed gasoline regulation change was brought forward in 2022 by governors from Iowa, Illinois, Ohio, Minnesota, Missouri, Wisconsin, Nebraska, and South Dakota. The governors requested that the Biden administration allow gasoline with 15% ethanol (E15 gasoline) to be sold all year. The rule change would remove restrictions that are placed on E15 gasoline during the summer months to reduce the amount of smog in the environment.

While the Environmental Protection Agency (EPA) had initially proposed a start date of April 28, 2024, for the rule change, the anonymous sources told Reuters that the date is now expected to be delayed until sometime in 2025.

Reuters noted that the battleground states of Minnesota and Wisconsin could be impacted by the rule change due to the two states’ significant corn industry. The potential for increased gas prices in Minnesota and Wisconsin is something many believe could place Biden’s reelection campaign in jeopardy.

READ MORE: Blue state pressuring residents to abandon gas stoves, furnaces, other appliances

HF Sinclair Corp. and Philips 66, both leading oil refiner companies, have warned that the regulation change could cause fuel supply issues, such as area shortages and increased prices, according to Reuters. On the other hand, the ethanol industry has encouraged the Biden administration to implement the change, claiming that the environmental concerns are disproportionate.

Reuters reported that the new rule change would currently only impact states in the Midwest; however, ethanol groups have indicated that a nationwide change would reduce the potential for area shortages and price increases.

The average price of gas in the United States increased to over $5 per gallon in June of 2022, skyrocketing after Russia launched its invasion of Ukraine, according to the Federal Reserve Bank of St. Louis. By December of 2022, the average price of gas had dropped to roughly $3.10 per gallon; however, gas prices increased again to nearly $3.90 per gallon in August of last year. According to the AAA, the national average was $3.274 as of Wednesday.