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.
Australia’s multimillion-dollar campaign to attract Hollywood productions to its shores appears to be paying off.
The allure of Australia lies not only in its picturesque locations but also in its competitive financial incentives.
The government offers generous rebates and tax breaks to international productions, making it an attractive proposition for filmmakers looking to maximise their budgets.
Despite the recent intake of Hollywood productions down under such as ‘The Fall Guy’ and ‘Furiosa: A Mad Max Saga’, Aussie independents are still finding the space to carve their own creative path.
Rob Fantozzi joined the program to discuss the latest in Hollywood, and showcased his own upcoming project – ‘Omerta‘. #featured
An international video portal has been forced to shut down after an OnlyFans model reportedly flashed passersby from across the globe.
On this episode of Ahron and Mike Live – Which would you prefer; pay rise or work perks, an international portal closes, the military reveal a submarine stingray and are you on a top or bottom burger bun?
Ticker’s Ahron Young & Mike Loder discuss. #featured #trending
American home prices are rising at faster pace now than in the last 20-years.
A recent analysis reveals a jaw dropping surge in the cost of American homes.
Since the start of 2020, U.S. home prices have surged 47% easily outstripping the gains seen in recent decades.
On top of that, home price growth so far this decade is on the verge of surpassing all the growth seen in the 2000s.
Many experts believe this decade’s housing market frenzy was ignited by a perfect storm — the onset of the COVID-19 pandemic triggering an unprecedented rush among buyers.
Tom Hutchens, the Executive Vice President of Production at Angel Oak Mortgage Solutions joins Veronica Dudo to discuss.
#IN AMERICA TODAY #economy #housing #housingmarket #homeprices #homesales #inflation #trending