World

US releases 50 million barrels of oil to ease energy costs

Published

1 year ago

November 24, 2021

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.

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Anthony Lucas

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.

World

Joe Biden signs bill to declassify Covid origins information

Published

3 hours ago

March 21, 2023

ticker NEWS

Sone information may be kept under wraps for national security reasons

U.S. President Joe Biden has signed a bill requiring all information relating to the origins of COVID-19 be declassified.

Biden says he shares the Congress goal of releasing as much information as possible about the virus.

But, he says his Administration will still keep national security in mind when deciding what to publish.

The bill passed unanimously in the Senate and House of Representatives before being sent to the White House.

For several months now, Washington has been debating the origins of the virus.

It follows a report by the U.S. Energy Department which says the pandemic arose from a lab leak.

World

Ron DeSantis breaks silence over Donald Trump charges

Published

3 hours ago

March 21, 2023

ticker NEWS

The Florida Governor says he won’t get involved

Florida’s Governor Ron DeSantis has broken his silence on the Manhattan District Attorney pursuing charges against Donald Trump.

DeSantis has vowed his office will not get involved if the matter trickles into the former President’s adopted home state – that is Florida.

But the Florida governor stopped well short of offering support to Trump, instead poking fun at the situation.

A New York grand jury is in the final stages of determining whether Trump should face charges over an alleged payment to porn star Stormy Daniels.

This is all related to an alleged affair.

The dismissive and tongue-in-cheek comments made by DeSantis travelled quickly.

Trump’s allies immediately started attacking the Florida governor across social media, suggesting he will face a political price for failing to rally around Trump.

This was before the former president responded himself, saying “Ron DeSanctimonious will probably find out about false accusations & fake stories sometime in the future, as he gets older, wiser, and better known”.

The episode is just another example of the tension and rivalry between two of the GOP’s biggest stars as they battle for party supremacy.