Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

News

US releases 50 million barrels of oil to ease energy costs

Published

on

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.

“This coordinated action will help us deal with the lack of supply, which in turn helps ease prices,”

President Biden said in remarks at the White House on Tuesday.

“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.

President Joe Biden speaks about his administration’s response to the coup in Myanmar in the South Court Auditorium on the White House complex, Wednesday, Feb. 10, 2021, in Washington. (AP Photo/Patrick Semansky)

“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.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Continue Reading

News

Streaming wars: can Apple compete with Spotify?

Published

on

Spotify’s 2023 Wrapped has dropped prompting listeners to review their top artists, genres, and songs of the year.

Many are taking to social media platforms to share their listening trends with family, friends, coworkers, and even other fans on the internet.

While Apple Music, a rival platform, has its own year-end campaign—it hasn’t quite ignited the same online response.

Seth Schachner, the Managing Director at StratAmericas and a former Sony Music Executive joins Veronica Dudo to discuss. #Spotify #music #Apple #AppleMusic #SpotifyWrapped #streaming #featured #IN AMERICA TODAY

Continue Reading

News

What Australia can learn from NZ’s supermarket inquiry

Published

on

Coles and Woolworths, two of Australia’s largest supermarket chains, are about to face a Senate inquiry that aims to scrutinise their market dominance and business practices.

The inquiry’s parallels with a past New Zealand investigation highlight the growing concern over the duopoly’s impact on consumers and smaller businesses.

The Senate inquiry, set to begin next month, comes as a response to mounting public pressure and allegations of anti-competitive behavior in the grocery sector.

New Zealand example

Similar concerns led New Zealand to conduct its own inquiry into the supermarket industry back in 2019, resulting in recommendations for increased regulation and transparency.

The central question here is whether Coles and Woolworths wield too much power in the Australian market, potentially stifling competition and limiting choices for consumers.

With the New Zealand example as a cautionary tale, many are wondering if this inquiry will result in meaningful changes to the Australian grocery landscape.

Continue Reading

News

Elon Musk: Nikki Haley’s ‘campaign is dead’

Published

on

Elon Musk has thrown a verbal jab at former South Carolina Governor Nikki Haley, declaring her political campaign as “dead” on X.

The unexpected comment from the Tesla and SpaceX CEO has ignited a new wave of discussion within the political sphere, leaving many wondering about the implications for Haley’s political future.

In a tweet that garnered significant attention, Musk criticized Haley’s recent policy stance, writing, “Nikki Haley’s campaign is dead on arrival if she continues to ignore the urgency of climate change.

We need leaders who prioritize the planet’s future.” The tech mogul’s remarks come as Haley, a prominent Republican figure, has been exploring the possibility of running for president in the upcoming election cycle.

Musk’s statement has reignited the debate over climate change within the Republican Party, with many conservatives emphasizing economic interests over environmental concerns.

This raises questions about whether Musk’s endorsement or critique could influence the GOP’s stance on climate issues and potentially impact the 2024 presidential race.

Continue Reading
Live Watch Ticker News Live
Advertisement

Trending Now

Copyright © 2023 The Ticker Company