“I’m doing everything within my power by executive orders to bring down prices and address the Putin price hikes,” President Joe Biden said Tuesday in Iowa, just hours after the Labor Department announced that over the past 12 months, inflation has risen 8.5%, the highest rate in more than 40 years.

Biden was in Iowa to promote the Environmental Protection Agency’s decision to issue an emergency waiver to allow E15 gasoline (gas that uses a 15% ethanol blend) to be sold throughout the summer months when it is normally banned because it hurts air quality.