Biden says he's doing 'everything within my power' to address 'Putin price hikes'

CHICAGO - Issuing an executive order Tuesday, President Joe Biden said drivers across the country will not have to buy the more expensive "summer blend" of gasoline.

"I’m doing everything within my power by executive orders to bring down the price and address the Putin price hikes," Biden said.

The president acted as the rate of inflation hit 8.5% — the highest in four decades.

President Biden said energy prices caused about two-thirds of last month's inflation, suggesting it could soon cool off. But energy market experts are skeptical.

"The global oil market is under supplied by at least 2-million barrels a day. And that's not going to change with the short term situations. So, the energy component, as far as inflation, is not gonna go away," said Phil Flynn of Price Futures Group.

The president hopes price increases will moderate now that he's allowing the sale this summer of E-85. It includes 15% ethanol, a bio-fuel produced here in the Midwest, so the move could drive already rising farm prices across the area even higher.

In addition, it may mean dirtier air in the area, because in warmer weather it makes more smog.

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The price of oil is down about 20% from the high recorded after Russia invaded Ukraine.

"In fact, we've already made progress since march inflation data was collected. Your family budget, your ability to fill up your tank, none of it should hinge on whether a dictator declares war and commits genocide a half a world away," Biden said.

Energy producers want government incentives to produce more oil and gas.

"All we have to do is open up North America to, to, to crude production, etc, and the problem would be solved in 90 days," said John Catsimatidis, CEO of Gristedes.

Biden prefers expanding renewable energy sources, such as wind and solar.