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US releases 50 million barrels of oil to ease energy costs

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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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Trump’s shock Iran strike sparks global oil fears

Trump’s unexpected strikes on Iran’s nuclear sites unleash global concerns over oil prices and Strait of Hormuz security.

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Trump’s unexpected strikes on Iran’s nuclear sites unleash global concerns over oil prices and Strait of Hormuz security.


President Trump’s surprise strikes on Iran’s nuclear sites are sending shockwaves across the globe, with leaders weighing the fallout.

From rising oil prices to fears Iran could shut the Strait of Hormuz, the world is bracing for what comes next.

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#Trump #Iran #NuclearStrike #MiddleEastCrisis #OilPrices #StraitOfHormuz #Geopolitics #USForeignPolicy

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Treasurer Jim Chalmers blasts red tape in push for productivity boost

Treasurer Jim Chalmers urges reduction of excessive regulations hindering housing reform and clean energy, calling for a productivity revival in Australia.

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Treasurer Jim Chalmers urges reduction of excessive regulations hindering housing reform and clean energy, calling for a productivity revival in Australia.


Treasurer Jim Chalmers says it’s time to stop progressive red tape from strangling good ideas like housing reform and clean energy.

He’s demanding regulators cut back on excessive rules slowing growth and innovation across the economy. Chalmers is calling it a “wake-up call” for the left — and launching a major push to revive Australia’s productivity from the supply side.

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#JimChalmers #RedTape #AustralianPolitics #CleanEnergy #HousingCrisis #EconomicGrowth #Productivity #RegulationReform

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Iran responds as oil shock looms for West

U.S. airstrikes on Iran escalate tensions in the Middle East, prompting fears of disruptions in global oil markets as diplomacy efforts continue.

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U.S. airstrikes on Iran escalate tensions in the Middle East, prompting fears of disruptions in global oil markets as diplomacy efforts continue.


The world is reacting to fresh U.S. airstrikes on Iran’s nuclear facilities, as tensions escalate across the Middle East. With fears Iran could block the Strait of Hormuz — a vital oil shipping route — global markets brace for major disruption.

Vice President JD Vance says Iran’s uranium remains untouched, as Washington calls for renewed diplomacy. Meanwhile, Israel claims progress in countering Iran’s missile and nuclear programs, as Tel Aviv shows public support for U.S. action.

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#Iran #USStrikes #MiddleEastCrisis #StraitOfHormuz #OilPrices #Trump #Israel #TickerNews

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