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September 5th - According to Axios, Republican confidence in the economy has plummeted at an unprecedented rate since the pandemic began over the past six months, a decline comparable to that during the global financial crisis nearly two decades ago. Typically, the ruling party is more optimistic about the economy, while the opposition is far more pessimistic. However, the current situation is unusual; even with Republicans in the White House, Republican voters are increasingly negative about the economy this year. With only two months left until Election Day, this adds another ominous sign for Trump. The director of the University of Michigans consumer survey stated that most of the time, Republican and Democratic confidence in the economy moves roughly in parallel, but this is not the case now. Republicans initially had very positive expectations for the governments economic policies (including tariffs), but they have seen neither a slowdown in inflation, let alone the price reductions promised by Trump.September 5th - The U.S. military stated on the 4th that it has shot down more than 300 drug cartel drones along the U.S.-Mexico border this year. The U.S. Northern Command issued a statement that day saying that the U.S. military has used both kinetic and non-kinetic systems to shoot down more than 300 drones this year to support U.S. Customs and Border Protection, including more than 100 in August. The U.S. military began using the Army Multipurpose High Energy Laser (MLLS) system in border operations on August 24th, and as of September 4th, it had used the system to shoot down 11 drug cartel drones. The U.S. military began using the Army Multipurpose High Energy Laser (MLLS) system in border operations on August 24, and as of September 4, it had used the system to shoot down 11 drug cartel drones.September 5th - Just earlier this year, France completed the domestic consolidation of all its official gold reserves, completely clearing out its custodial holdings in the United States. Eric Monnet, a professor at the Paris School of Economics, stated that this operation not only standardized the quality and specifications of its gold reserves, but also effectively mitigated inflation arising from the Russia-Ukraine conflict, while highlighting considerations for national sovereignty and asset security amidst geopolitical changes. Currently, many countries in Europe, South Asia, Southeast Asia, and the Middle East are reassessing the risks of overseas custody. With rising geopolitical and financial market uncertainty, a new round of adjustments to gold reserve allocations is underway globally.German Chancellor Merz: (Regarding the attempted drone attack at the airport) The attribution is very clear and has a full legal basis.According to Interfax news agency, the Russian Ministry of Defense stated that Russia struck two ships carrying military cargo at the port of Chernomorsk in Ukraine. Russia also attacked a cargo ship near the port of Odessa in Ukraine.

Biden Turns to Ethanol to Help Bring Down Gasoline Costs as Consumer Inflation Soars

Haiden Holmes

Apr 13, 2022 09:32

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Biden's poll scores have dipped as consumer prices have increased, and inflation is seen as a big disadvantage going into November's midterm elections.


The decision is a success for the US corn lobby, since it will almost certainly increase demand for maize-based ethanol, and a defeat for oil refiners, who consider ethanol as a threat.


From June 1 until September 15, the proposal will enable Americans to continue purchasing E15 gasoline, which contains 15% ethanol. While E15 is just 10 cents cheaper on average and has a lower "energy density," which means drivers would need to purchase more gasoline, top administration officials told reporters on a Monday call previewing the announcement that it should still help reduce costs.


Only a few thousand gasoline shops in the United States supply E15 at the pump, and they are required by law to switch off the pumps during the summer season. That, Biden assured the Iowa gathering, would change this summer, if only momentarily.


"You are not going to go up to your neighborhood gas station and find a sack over the lowest gas pump. You will be allowed to continue filling E15," Biden said.


He emphasized that there is still more work to be done to bring down gasoline costs.


"It will not resolve all of our issues," Biden said.


According to two individuals familiar with the conversations, the decision follows many weeks of internal White House debate that pitted environmental champions like Gina McCarthy against Agriculture Secretary Tom Vilsack, a former governor of Iowa.


The summertime ban on E15 was implemented due to fears that it adds to pollution in hot weather, despite the fact that research indicates that the 15% mix may not contribute to smog in comparison to the more prevalent 10% blends available year-round.


Russia's invasion of Ukraine and the subsequent sanctions and boycotts drove retail gasoline prices to record highs, creating a vulnerability for Biden's Democratic colleagues in November's legislative elections.


"Your family's budget, your ability to fill up your tank, none of this should be contingent on whether a tyrant declares war and commits atrocities halfway over the globe," Biden added.


Biden stated last month that the US will begin selling 180 million barrels of petroleum from the Strategic Petroleum Reserve at a pace of one million barrels per day in May, the largest release from the stockpile since it was established in the 1970s.

CORN VS. OIL

Biden announced the E15 extension during a visit to POET Bioprocessing in Iowa, the country's biggest biofuels producer.


"We commend Vice President Biden and his administration for recognizing that low-cost, low-carbon ethanol deserves a fair chance to bolster our energy security and bring record-high pump prices down," Renewable Fuels Association President Geoff Cooper said.


Oil sector representatives chastised the government for the move.


"Americans are seeking long-term answers to high gasoline costs, not short-term political fixes," said Ron Chittim, spokesperson for the American Petroleum Institute, the oil industry's primary lobbying group.


The Environmental Protection Agency (EPA) plans to issue a national emergency waiver to effect the move closer to June, administration officials said. According to the White House, the EPA is reportedly exploring further measures to enable year-round use of E15.


The American Fuel and Petrochemical Manufacturers (AFPM) business organization questioned whether the extension of E15 sales was legal, stating that the EPA waiver being utilized is for for unexpected circumstances such as hurricanes.


In 2019, the courts rejected a previous attempt by Biden's predecessor, Republican Donald Trump, to extend a waiver allowing year-round sales of E15.


Officials briefing reporters on Biden's announcement said that his government will have a different "approach" and "authority" than Trump's, but provided no specifics.


Additionally, they said that the EPA will work with states to guarantee that the prolonged sale of E15 would have no "substantial" detrimental effect on summer air quality.


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