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.
As competition intensifies in the streaming landscape, with players like Roku, Vizio, and Samsung launching their ad-supported platforms, TCL aims to carve its niche by offering compelling original content.
TCL, the renowned Chinese smart-TV manufacturer, announces its innovative use of generative artificial intelligence to produce original content for its streaming platform, TCLtvPlus.
Debuting this summer, “Next Stop Paris,” an AI-driven love story, marks the inaugural program from TCLtvPlus Studios
Grindr faces lawsuit over alleged privacy breaches
Grindr, the popular gay dating app, is under fire in London as hundreds of users claim their private information, including HIV status, was shared without consent. The lawsuit alleges commercial use of sensitive data, sparking concern within the LGBTQ+ community. Grindr vows to defend its practices while emphasising its commitment to user privacy and compliance with data regulations.
Washington D.C. has been under pressure to ban the popular Chinese-owned social media app TikTok.
TikTok users could soon find that the popular social media service is either under new ownership or could be outright banned in the U.S.
Calls are growing louder from many lawmakers and national security hawks to ban TikTok, over fears the app could censure content, influence users, and give Americans’ personal data to Beijing.
But the Chinese tech company, ByteDance—which owns TikTok— denies the allegations.
Dave Levinthal, the Editor-in-Chief of Raw Story joins Veronica Dudo to discuss.