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Biden Sell’s Off Emergency Oil Reserves Ahead of Nov 8 Elections

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Biden is to blame for high gas prices

On Wednesday, U.S. President Joe Biden announced a plan to sell off the remainder of his pre-release from the U.S. emergency oil reserve by the end of 2022 and begin replenishing the stockpile to reduce high gasoline prices ahead of the Nov. 8 midterm elections.

Biden’s goal is to increase supply sufficiently to prevent near-term oil price rises that would penalize Americans and reassure U.S. drillers that the U.S. government would enter the oil market as a buyer if prices fall too low.

He said 15 million barrels of oil would be offered from the emergency Oil Reserve as part of a record 180 million barrel release that began in May and that the U.S. is ready to tap supplies again early next year to keep prices under control.

“It’s what we’re calling a prepare and release plan,” Joe Biden said at a White House event. “This enables us to respond rapidly to world events and avert oil price rises.”

Joe Biden’s use of the federal government’s Oil reserves to manage oil price surges and attempts to enhance U.S. output demonstrate how the Ukraine crisis and inflation have altered the policies of a president who campaigned to reduce the country’s reliance on the fossil fuel industry.

The White House felt an increased sense of urgency after the Saudi-led Organization of Petroleum Exporting Countries irritated Biden, sided with Russia and agreed to a production cut, prompting Biden to remark that the US-Saudi relationship has to be revalued.

“With today’s statement, we’re going to continue to stabilize markets and lower prices at a time when other countries’ actions have produced such instability,” Biden said.

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Biden blamed rising crude and gasoline costs on Russian President Vladimir Putin’s invasion of Ukraine, adding that prices had plummeted 30% from their peak earlier this year.

He also reminded U.S. energy corporations, gasoline merchants, and refiners to stop using record profits to buy back stock and instead invest in production.

Prices aren’t lowering fast enough, he claims.

“Families are hurting,” he says, and rising gasoline prices strain their finances.

Faced with criticism from Republicans who claim he is using the SPR for political reasons rather than an emergency, the president also stated that the nation’s stockpiles would be replenished in the coming years.

He stated that his goal is to replenish supplies when U.S. crude is about $70 per barrel, a price he believes will allow firms to profit while still being a good value for taxpayers. On Wednesday, the U.S. benchmark was around $85 per barrel.

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According to Biden, the SPR, already at its lowest point since 1984, is more than half empty with more than 400 million barrels of oil.

The administration intended to stop selling the 180 million barrels in November. Purchases by businesses such as Marathon Petroleum Corp (MPC.N), Exxon Mobil Corp (XOM.N), and Valero Energy Corp (VLO.N) were, however, slower than expected over the summer, with approximately 15 million barrels remaining unsold.

Presidents in the United States have limited influence over fuel prices, but given the country’s vast gasoline consumption – the largest in the world – high costs at the pump can be political poison. Retail gasoline prices have decreased from a high in June, but they remain higher than historical averages and significantly contribute to inflation.

The disparity between wholesale and retail prices has also risen, prompting the White House to issue cautions against price gouging.

 

With the new SPR repurchase guarantee, Biden believes oil companies will be more confident in investing in production and stop pushing stock buybacks.

“So, to all businesses, I say, “You’re sitting on record profits, and we’re offering you more confidence.” So you may take action right now to improve oil production, “He stated.

Companies “You should not use your profits to repurchase stock or pay dividends. Not now, not while there is a war raging, “He asked them to lower the prices they charge at the pump.

In recent weeks, the oil sector has grown increasingly apprehensive that the administration may take the dramatic step of prohibiting or limiting gasoline or diesel exports to replenish dwindling U.S. supplies.

They have urged the government to withdraw the option, which officials are unwilling to do.

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Biden is to Blame for High Gas Prices

When President Biden began office, a gallon of normal gas cost an average of $2.38. It now costs $3.92.

Mr. Biden has attempted to blame Russian President Vladimir Putin and his invasion of Ukraine for the rising cost, referring to it as “Putin’s price hike, and now he’s blaming Saudi Arabia.

” However, gasoline had already reached $3.53 per gallon when the red megalomaniac invaded. As a result, Mr. Putin was not to blame.

The president has taken numerous attempts to reduce the price but to no avail. He released millions of barrels from the Strategic Petroleum Reserve (SPR), but practically every analyst believes this is only a temporary solution.

By the end of March, a gallon of gas cost $4.23, so he drew on the vast emergency reserve, allowing the discharge of 125 million barrels of oil. However, the United States consumes approximately 20 million barrels of oil daily, so Mr. Biden’s release was brief.

Prices levelled off for roughly five weeks, hovering just above $4. Then it all started over: $4.62 at the end of May and even $5.00 by mid-June.

However, economists argue that the SPR release is not the cause of declining prices. Prices had risen so far that many had just stopped buying.

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Prices began to rise again after 99 days of decline. Reporters questioned White House press secretary Karine Jean-Pierre about it all last Tuesday.

“You stated that the president was to blame for the drop in gas prices. “Is the president to blame for rising petrol prices?” a reporter inquired.

“It’s far more sophisticated than that,” Ms. Jean-Pierre explained. “You are aware of this. There have been global challenges to which we have all responded. When I say ‘all,’ I mean that other countries have had to deal with it since the pandemic.

There was the pandemic, and then there was Putin’s war. In addition, Putin’s war has raised petrol costs at the pump. “We’ve seen that over the last few months,” she remarked.

As prices began to climb again, Mr. Biden began to blame oil firms, despite taking credit for reducing costs.

According to the letter acquired by The Wall Street Journal from Energy Secretary Jennifer Granholm to seven major refiners, the Biden administration has gone so far as to advise them to limit fuel exports.

“Given the historic level of U.S. refined product exports,” Ms. Granholm said in an August letter to seven U.S. refiners, “I again advise you to focus in the near term on growing inventories in the United States rather than selling down present stockpiles and boosting exports.”

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However, the refiners retaliated. “Banning or restricting the export of refined products would certainly lower inventory levels, reduce domestic refining capacity, raise consumer fuel costs, and alienate U.S. friends during a time of conflict,” business leaders said in response to Ms. Granholm.

Mr. Biden also halted much of the oil production growth in the United States.

“Recall that the United States imported 10.1 million barrels per day (BPD) of crude oil in 2005, with OPEC accounting for 4.8 million BPD (48%) of that total. The SPR held 685 million barrels. With the United States buying 10.1 million BPD of crude oil at the time, there was enough oil to last 68 days,” Forbes noted.

Mr. Biden even went to Saudi Arabia to ask for more oil (remember the fist bump with Crown Prince Mohammed bin Salman?). He almost went empty-handed, save for a vague agreement in which Saudi Arabia stated that it would “help global oil market balancing for continued economic growth” but never specified how much petroleum would be delivered.

Mr. Biden stated that he was not there for oil but that he and the prince “privately agreed that oil-producing states would agree to increase output at an Aug. 3 summit,” according to The New York Times.

While the Organization of Petroleum Exporting Countries (OPEC) declared an increase in output in August — 100,000 barrels per day — it didn’t last long. OPEC stated this month that it would cut oil production by two million barrels a day due to a glut in the global crude oil market.

In the end, Mr. Biden deserves none of the credit — and all of the blame — for rising gas costs.

Source: VOR News, Reuters

Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

Election News

Thousands Descend on New York’s South Bronx for Trump Rally

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Thousands Descend on New York's South Bronx for Trump Rally
Former President Donald J. Trump at a rally in the Bronx: Reuters Image

Thousands of people have gathered on the South Bronx in New York for Donald Trump’s historic event on Thursday night, as he attempts to do what many believe is impossible: turn New York red for the first time since 1984.

Former President Trump’s devoted supporters braved heavy rain to gather at Crotona Park, hours before he was scheduled to take the stage in the deep-blue district that Joe Biden won with more than 60% of the vote in 2020.

Supporters lined up to listen to MAGA rappers, display tattoos honoring the GOP leader, and insist he can follow Ronald Reagan by winning in the Empire State.

People holding Dominican Republic and US flags chant while waiting in line to attend a demonstration for former US President Donald Trump at Crotona Park in the Bronx, New York.

Trump Resonating with Voters

While the gathering was not as diverse as the South Bronx as a whole, it did contain a considerable number of Black and Hispanic voters, with Spanish spoken throughout.

Ed Rosa, who made the short trek from the North Bronx, said he regrets voting for Biden in 2020 and intends to support Trump in November.

He believes the Democratic Party has “become too socialist” and is concerned about the economy and immigration crossing the southern border.

“For 50 years I was a Democrat and switched in the last three or four years,” said Rosa, 60, whose family is from Puerto Rico.

Some in the audience replied by yelling “Build the Wall,” a reference to Trump’s quest for a border barrier between the United States and Mexico while he was in office.

Trump portrayed himself as a better president for Black and Hispanic voters than Biden, slamming Biden’s immigration policy.

Biden’s Race Based Ads

He emphasized that “the biggest negative impact” of the flood of migrants in New York is “against our Black population and our Hispanic population, who are losing jobs, housing, and everything else they can lose.” They are the most affected by what is going on.”

On Thursday, the Biden team aired a pair of TV and radio ads criticizing Trump’s treatment of Black people. These included erroneous accusations that Barack Obama, the first African American president, was not born in the United States, as well as calls for the death of a group of Black and Hispanic adolescents convicted but later exonerated of raping a white lady jogging in New York’s Central Park in 1989.

Janiyah Thomas, Black media director for the Trump campaign, said in a statement that Biden was attempting to divert attention away from “terrible policies that are harming our community,” and that as a senator, Biden helped advance a bipartisan crime bill in 1994, which resulted in more Black men being imprisoned.

Source: Daily Mail, AP

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British Prime Minister Sunak Announces July 4th National Election

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British Prime Minister Sunak Announces July 4th National Election
British Prime Minister Sunak Announces July 4th National Election: Reuters Image

British Prime Minister Rishi Sunak announced a general election on Wednesday, citing July 4 as the date. After 14 years in power, his Conservatives are widely likely to lose to the opposition Labour Party.

Sunak, 44, stood outside his Downing Street office and announced that he was calling the election sooner than expected, a dangerous strategy given his party’s polling position.

“Now is the time for Britain to choose its future,” he added, highlighting highlights of his tenure in office, including the implementation of the so-called furlough program, which assisted businesses during the COVID-19 pandemic. “We will have a general election on July 4.”

Sunak enters the election not only considerably behind the Labour Party in the polls, but also somewhat isolated from others in his party, relying on a small team of advisers to guide him through what promises to be a nasty campaign.

But, with some economic benefits, such as decreasing inflation and the economy growing at its quickest rate in over three years, he appears to have concluded it was time to take a risk and formally offer his program for a new term to voters.

Parties Prepare for Election

The former investment banker and finance minister took office less than two years ago and has since battled to explain his values, growing more upset that what he regards as his accomplishments have gone unnoticed.

Both parties have almost begun campaigning for the election, with their attack lines on the economy and defense already well defined.

Sunak and his government accuse Labour of being prepared to raise taxes if elected, and that the party would not be a safe set of hands for Britain in an increasingly perilous world because it has a plan, which the opposition disputes.

Labour accuses the government of 14 years of economic mismanagement, which has left people worse off, as well as a series of chaotic administrations that have failed to provide the stability that businesses want to stimulate growth.

If Labour wins the election, Britain, historically recognized for its political stability, will have six prime ministers in eight years, a first since the 1830s. Prior to the declaration, Labour stated that it was more than ready for an election.

“We are totally prepared to go whenever the Prime Minister declares an election. We have a fully structured and operational campaign ready to go, and we believe the country is ripe for a general election,” Labour leader Starmer’s spokeswoman told reporters.

Labour Ahead by 20 Points

Last week, Starmer launched his party’s election campaign by promising to “rebuild Britain” and outlining the first steps Labour would take if it formed the next administration.

Labour is roughly 20 percentage points ahead of Sunak’s Conservatives in opinion surveys, but some party officials are anxious that their lead is not as strong as it appears, worrying that many voters are undecided.

Sunak may be attempting to play on this uncertainty while also confusing Labour, which has yet to nominate all of its parliamentary candidates, according to a party veteran.

Sunak will also hope that economic achievements and the first flights in his centerpiece immigration plan, which involves sending illegal asylum seekers to Rwanda, will bolster his party’s fortunes. The earliest probable date for these flights is June 24, ten days before the election.

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Biden’s 2024 Re-Election Campaign Bleeding Donors Over Gaza

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Biden's 2024 Re-Election Campaign Losing Donors Over Gaza
Biden continues to lag behind: Getty Images

The April fundraising totals of President Joe Biden’s 2024 campaign fell behind those of his opponent Donald Trump for the first time since the former president intensified his joint operation with the Republican National Committee and hosted high-dollar fundraisers.

After Joe Biden halted arms shipments to Israel in support of its conflict with Hamas, donors who never before considered supporting Donald Trump are now contemplating cast their millions in his direction.

Four donors who contributed tens of millions of dollars during the 2020 election cycle have informed The Free Press that, now that they are aware of Biden’s stance on the Israeli conflict, they are reconsidering their contributions.

The Biden and Democratic National Committee campaigns reported raising over $51 million in April, which is less than the $90 million they raised in March and the $76 million reported by the Republican Party and Donald Trump for the month, according to the campaigns.

Since securing the Republican presidential nomination in March, Trump is now eligible to solicit contributions from the Republican National Committee.

The initial days of April witnessed a record-breaking $50.5 million in donations collected by Trump during an event at the residence of billionaire investor John Paulson in Palm Beach, Florida. Trump has proposed Paulson as a prospective Treasury secretary.

Trump out raising Biden

On Monday, the Save America entity affiliated with Trump filed a report with the Federal Election Commission detailing legal expenses exceeding $3.3 million for the month.

The April fundraising efforts of the Trump campaign were characterized as “extraordinarily remarkable” in light of the candidate’s near-daily confinement to a courtroom for the past four weeks in opposition to Biden’s trial, the campaign said in a statement.

More than five months remain until the November 5 election, and national polls tie Biden and Trump. However, recent polls indicate that Trump holds a slight advantage in the battleground states that will determine the outcome of the election.

The Telegraph reports that on economic issues such as inflation, Trump receives higher approval ratings from voters in general compared to Biden, which is causing concern within the Biden campaign.

Externally, the campaign exudes an aura of unwavering assurance. The organization consistently disparages Trump and the Republicans in its press releases and has allocated tens of millions of dollars towards advertising to support this position.

It disregards polling that consistently indicate the president’s weakness on a national level and, more significantly, in every pivotal swing state. Neither can the campaign assert with credibility that everything is in order, nor have they explicitly embraced the underdog status that the polls appear to bestow.

Biden continues to lag behind with less than six months until Election Day and only four months until early voting begins in three states. An unsuccessful candidate who gained the popular vote at this juncture dates back to 1992.

It is evident that Biden is challenging recent political events, considering Trump’s advantage in the Electoral College, which he likely retains even if he loses the popular vote by two to three percentage points, as he did in 2016.

Biden’s number dismal

Further examination of the data makes matters worse for him. At this time, Biden’s employment approval is at an all-time low for a first-term president. Approximately forty percent is where he stands, which is a tier below where Trump was at the same juncture.

Regardless of the advertising campaigns, positive media coverage, or gradual decline in inflation, his situation has not improved. Without a doubt, the campaign is cognizant of the fact that re-election for an American president has been unattainable with such dismal poll numbers, at least since Harry Truman in 1948.

This likely explains Biden’s unexpected gambit of challenging Trump to a June 27 debate. In general, incumbents avoid debates unless compelled to do so.

The explicit desire for a debate by Biden, which occurs prior to either candidate receiving official nomination from their party, indicates that he is cognizant of the fact that he is deeply trailing and must act swiftly to regain momentum.

Biden’s low favorability indicates that even a credible performance will not right the ship if Trump maintains his position. Biden must make a significant decision if the surveys continue to reflect this dismal state in early August, subsequent to a substantial debate and considerable additional expenditure amounting to tens of millions.

The party is unable to compel him to leave in accordance with the convention proceedings. Almost all the delegates will be secured for him, and they are frequently pledged to and elected directly by Biden. Therefore, Biden has the option to quit the ticket or not.

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