Average gas prices in the U.S. reached a new record high Tuesday, according to AAA's gas price calculator.
will allow the sale of E15 gasoline – gasoline that uses a 15% ethanol blend – across the country this summer. Biden has also moved to release 1 million barrels of oil per day from the Strategic Petroleum Reserve for the next 6 months. The president is also calling on Congress to make companies pay fees on idled oil wells and non-producing acres of federal lands, aiming to incentivize new production.
Yet critics have claimed that Biden's actions on energy policy have created a "supply problem" in the market. Within his first week in office, Biden signed an executive order temporarily suspending new oil and gas leases on federal lands. The administrationthe new leasing last month following court challenges against the ban. The administration is appealing a ruling in which Judge James Cain, a Trump appointee, struck down the ban. / Getty Images)an oil and gas lease sale for over 1 million acres in Alaska's Cook Inlet last week, amid record gas prices.
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