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US releases 50 million barrels of oil to ease energy costs
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.
“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.
News
Greenland says “No” to U.S. takeover — Chooses Denmark in geopolitical showdown
Greenland’s PM chooses Denmark over U.S. amid Trump’s controversy over Arctic control, emphasizing sovereignty and local sentiment.
Greenland’s PM chooses Denmark over U.S. amid Trump’s controversy over Arctic control, emphasizing sovereignty and local sentiment.
Greenland’s Prime Minister Jens‑Frederik Nielsen has delivered a clear message amid renewed pressure from the U.S. — if forced to choose between the United States and Denmark, Greenland will pick Denmark, NATO, and the EU.
Nielsen made the declaration in Copenhagen alongside Danish Prime Minister Mette Frederiksen ahead of diplomatic talks with top U.S. officials.
The announcement comes as U.S. President Donald Trump has again stoked controversy by suggesting Washington could pursue ownership or control of Greenland, citing strategic interests in the Arctic. European leaders and Greenlandic officials have pushed back strongly against these ideas, emphasising sovereignty and respect for international law.
This standoff places Greenland’s future in the spotlight — as Copenhagen and Nuuk reaffirm their ties, local sentiment remains overwhelmingly opposed to U.S. annexation and supportive of Greenland’s own path forward.
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Trump promises aid amid Iran unrest
Trump urges Americans in Iran to evacuate amidst escalating protests and vows support for protesters seeking freedom.
Trump urges Americans in Iran to evacuate amidst escalating protests and vows support for protesters seeking freedom.
President Trump has called on Americans in Iran to evacuate as tensions escalate following the government’s violent crackdown on antigovernment protesters. He has ruled out negotiations and encouraged protesters to continue their efforts, hinting that aid could be on the way.
The unrest in Iran has reportedly resulted in over 2,000 deaths, including both protesters and security forces. U.S. officials are reportedly weighing various responses, from sanctions to potential military options, though no immediate action has been confirmed.
Trump delivered a direct message to the people of Iran, emphasising support for their push for freedom and safety amid the growing crisis.
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Trump escalates pressure on the Federal Reserve with Powell probe
Trump administration investigates Fed Chair Powell, raising concerns over political pressure on monetary policy and economic stability.
Trump administration investigates Fed Chair Powell, raising concerns over political pressure on monetary policy and economic stability.
The Trump administration has launched a criminal investigation into Federal Reserve Chair Jerome Powell, dramatically escalating tensions between the White House and the central bank.
The probe centres on Powell’s testimony over a controversial renovation of the Federal Reserve’s headquarters, raising alarm over whether political pressure is being applied to monetary policy decisions.
The move has sparked fierce debate in Washington, with critics warning it could undermine investor confidence and destabilise economic expectations.
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