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Watch Live: President Biden Explains How He'll Lower Energy Costs After Highest CPI Print In 40 Years

Tyler Durden's Photo
by Tyler Durden
Tuesday, Apr 12, 2022 - 07:40 PM

Grab your popcorn, President Biden is about to explain, from a remote town in Iowa, how he will solve the world's (well America's voting population's anyway) high energy cost problems... without the help of OPEC+.

The official line from The White House is as follows:

"President Biden makes an announcement on his Administration’s actions to lower costs for working families, reduce the impact of Putin’s Price Hike, and Build a Better America with Bipartisan Infrastructure Law investments in rural communities."

 

We already know some of the latest scheme - to allow the EPA will eliminate restrictions on high-ethanol-content gasoline to be sold during the summer months.

While Iowa's two Republican senators celebrated (the largest corn producing state), oil refiners (short-term focus) and environmentalists (but what about the smog) were both equally pissed off at the President's plan.

Some facty things may help with context...

Today's CPI hit a 41 year high and it's not all "Putin's Price Hike"-based...

And, brace for it, Regular gas prices were up 70% from Biden's election until the day Putin invaded Ukraine.

From there, gas jumped 20% to record highs, and thanks to the combination of China's ZeroCOVID policy crushing demand (and the biggest SPR release promised ever) the US regular national average gas price - which follows crude and wholesale gasoline prices with a lag given the supply chain) is down - drum roll please - 23c...

So what exactly is coming next? Well, nothing would surprise us less than some kind of price controls - especially since the hearings pinning the blame on 'Big Oil' with absolutely no evidence of any price-gouging taking place.

Watch President Biden explain here (due to start at 1545ET):

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