US President Joe Biden has ordered 50 million barrels of oil to be released from the strategic reserve to help bring down the cost of energy
In an announcement by President Joe Biden and the White House on Tuesday, the move was done in coordination with other major energy-consuming nations, including China, India, the United Kingdom, Japan and South Korea.
“Today, we’re launching a major effort to moderate the price of oil, an effort that will span the globe in its reach and ultimately reach your corner gas station, God willing,” Biden said.
“Before long, you should see the price of gas drop”
A senior administration official told reporters the releases would start in mid to late December, and that further intervention was possible to steady the market as the US government continues to respond to a “once-in-a-century pandemic”.
“As the president has said, consumers are facing pain at the pump right now,” the official said.
While aimed at global energy markets, the release of the oil also has political implications as US voters prepare to cope with higher inflation and rising prices ahead of US Thanksgiving and winter holiday travel.
Fuel prices reach all-time highs
According to the American Automobile Association, fuel prices are at about $3.40 a gallon, more than double their price a year ago.
Joe Biden has scrambled to reshape much of his economic agenda around the issue of inflation – stating that his recently passed $1 trillion infrastructure package will reduce price pressures by making it more efficient and cheaper to transport goods.
Republican legislators have criticised the administration’s approach, saying the current Biden government is responsible for inflation hitting a 31-year high in October.
TikTok users could soon find that the popular social media service is either under new ownership or could be outright banned in the United States.
President Joe Biden signed a bill into law that requires TikTok to find a new owner—or face a ban in the United States.
Over the past several months, Washington D.C. has been under pressure to ban the popular Chinese-owned social media app.
Lawmakers and security experts have long raised concerns that the Chinese government could tap TikTok’s trove of personal data about millions of U.S. users.
TikTok’s CEO said the bill is disappointing and reiterated that the company has committed to challenge it.
David Zhang from China Insider. joins Veronica Dudo to discuss
Threads, the social media platform owned by Meta, is gaining traction with a surge in daily active users, outpacing X in the U.S.
With Threads averaging 28 million daily active users compared to X’s 22 million, Meta’s ambitions to reach a billion users seem within reach despite a slowdown in growth. While X still boasts 550 million monthly active users globally, Threads’ focus on user experience and avoidance of real-time and political content could position it as a formidable competitor moving forward.
This weekend’s entertainment lineup has something for everyone.
Apple TV+ brings “Sugar,” a drama set in New York City, while “Civil War” offers historical intensity.
“Challengers” with Zendaya brings a saucy sport drama to life, and superhero buffs can catch the trailer for “Deadpool and Wolverine” for action-packed fun.
With options spanning drama, history, reality, and superheroes, there’s excitement in store for all this weekend.