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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.

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.

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.

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.

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.”

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

AI Election Disinformation Surges on Social Media in India

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Claims circulating online in India recently misstated details about voting, claimed without evidence that the election would be manipulated, and urged for violence against India’s Muslims.

Researchers who study misinformation and hate speech in India say digital companies’ lax enforcement of their own regulations has created ideal conditions for damaging content that might alter public opinion, incite violence, and leave millions of voters unsure what to trust.

“A non-discerning user or regular user has no idea whether it’s someone, an individual sharing his or her thoughts on the other end, or is it a bot?” Rekha Singh, a 49-year-old voter, told the Associated Press. Singh expressed her concern that social media algorithms affect voters’ perceptions of truth. “So you are biased without even realizing it,” she went on to say.

In a year filled with major elections, India’s sweeping vote stands out. The world’s most populous country speaks dozens of languages and has the highest number of WhatsApp users and YouTube subscribers. Nearly 1 billion citizens are eligible to vote in the election, which will take place through June.

Google and Meta, the owners of Facebook, WhatsApp, and Instagram, say they are striving to prevent false or hateful content while assisting voters in finding credible sources. However, experts who have long followed disinformation in India believe their assurances are hollow after years of failed enforcement and “cookie-cutter” techniques that ignore India’s linguistic, religious, geographic, and cultural diversity.

According to disinformation experts that specialize in India, given the country’s size and importance to social media businesses, greater attention is likely.

“The platforms get money from this. Ritumbra Manuvie, a law professor at the University of Groningen in the Netherlands, stated, “They benefit from it, and the entire country pays the price.” Manuvie is the leader of The London Story, an Indian diaspora group that staged a protest outside Meta’s London offices last month.

The group and another organization, India Civil Watch International, discovered that Meta allowed political advertisements and posts that contained anti-Muslim hate speech, Hindu nationalist narratives, misogynistic posts about female candidates, and ads encouraging violence against political opponents.

The advertisements were viewed over 65 million times in 90 days earlier this year. They collectively cost more than $1 million.

Meta defends its work on global elections and disputes the findings of the India study, noting that it has expanded its collaboration with independent fact-checking organizations ahead of the election and has employees around the world ready to act if its platforms are used to spread misinformation. Meta’s president of worldwide affairs, Nick Clegg, stated about India’s election, “It’s a huge, huge test for us.”

YouTube in India

“We have months and months of preparation in India,” he told the Associated Press in a recent interview. “Our teams work around the clock. We have fact checkers in India who speak several languages. “We have a 24-hour escalation system.”

Experts think YouTube is another significant disinformation source in India. To see how well the video-sharing platform enforced its own rules, researchers from the organizations Global Witness and Access Now constructed 48 fake ads in English, Hindi, and Telugu that contained inaccurate voting information or calls to violence.

One stated India changed the voting age to 21, although it remains at 18, and another claimed women could vote via text message, which they cannot. A third advocated for the use of force at polling locations.

When Global Witness submitted the commercials to YouTube for approval, the answer was unsatisfactory, according to Henry Peck, an investigator with Global Witness.

“YouTube didn’t act on any of them,” Peck explained, instead approving the commercials for release.

Google, YouTube’s owner, rejected the study and stated that it had several procedures in place to detect ads that breach its policies. Global Witness said the ads were removed before they could be identified and prohibited.

“Our policies explicitly prohibit ads making demonstrably false claims that could undermine participation or trust in an election, which we enforce in several Indian languages,” the company said in a statement. The corporation also mentioned its relationships with fact-checking organizations.

AI deepfakes

AI is this year’s newest threat, as technological advancements make it easier than ever to create lifelike images, video, and voice. AI deepfakes are appearing in elections around the world, from Moldova to Bangladesh.

Senthil Nayagam, founder of Muonium AI, feels there is an increasing market for deepfakes, particularly among politicians. In the run-up to the election, he had several questions about creating political videos with AI. “There’s a market for this, no doubt,” he told me.

Some of the fakes produced by Nayagam include deceased politicians and are not intended to be taken seriously, while other deepfakes circulating online have the potential to mislead voters. Modi has underlined the threat.

“We need to educate people about artificial intelligence and deepfakes, how it works, what it can do,” he stated.

India’s Information and Technology Ministry has asked social media companies to eliminate disinformation, including deepfakes. However, experts argue the lack of specific regulation or law focusing on AI and deepfakes makes it more difficult to combat, leaving it up to voters to decide what is true and what is fiction.

Ankita Jasra, 18, a first-time voter, says these ambiguities make it difficult to know what to believe.

“If I don’t know what is being said is true, I don’t think I can trust in the people that are governing my country,” she went on to say.

Source: The Associated Press

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2024 Election: Generation Z, Black and Hispanic Voters Moving to Trump

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2024 Election: Democrats are losing their long-held edge among young voters, thanks in large part to Generation Z’s startling support for Donald Trump.

Polls over the last year suggest a tipping point as Trump has risen to near-parity with Joe Biden among Generation Z, but this trend has been going on for years.

Because Generation Z is more racially diverse than previous generations, Trump receives more support from voters under the age of 25 as well as black and Hispanic voters. Young voters are also regularly more inclined to be concerned about Biden’s age, the economy under his leadership, and his pro-Israel stance.

A Harvard CAPS-Harris study of more than 2,000 registered voters found that 57% approved of the Republican’s job as president, while 41% disagreed.

When the data is broken down further, nearly two-thirds (64 percent) of voters in Generation Z—those aged 18 to 24—approve of Trump’s job as president. This demographic’s age range indicates that some respondents were children during Trump’s presidency, which lasted from 2017 to 2021.

Generation Z Love Trump

However, the results could serve as yet another danger sign for President Joe Biden’s reelection bid. According to Pew Research Center study, young voters played a critical role in Biden’s victory in 2020, with Generation Z and millennials supporting Biden over Trump by margins of roughly 20 points in record-breaking turnout.

According to the Harvard CAPS-Harris study, those aged 55 to 64 had the second-highest approval rating for Trump’s presidency (60 percent), followed by those aged 25 to 34 and 35 to 44 (both 58 percent).

Axios-Generation Lab issued a separate poll on Monday that showed Biden is only marginally ahead of Trump among Generation Z voters aged 18 to 34, with 52 percent selecting the president and 48 percent choosing Trump.

“We don’t know enough yet,” Neil O’Brian, a political scientist at the University of Oregon, told Axios. “But this concept that young people will continue to join the Democratic Party? There are various questions about that.”

Meanwhile, the Harvard CAPS-Harris survey reveals Donald Trump, the projected GOP presidential nominee in 2024, is leading Biden despite the Republican’s multiple legal concerns.

According to the poll, Trump leads Biden by six points (48 percent to 42 percent) in a head-to-head race, and by seven points (42 percent to 35 percent) when independent candidate Robert F. Kennedy Jr. is introduced, who has 15% support.

Trump also leads Biden by nine points (42 percent to 33 percent) when independent candidate Cornel West and Green Party candidate Jill Stein are included in a five-person presidential shortlist.

Manhattan construction site workers meet Trump: Getty Images

Trumps Manhattan Trial Politically Motivated

Despite the fact that a majority of registered voters (56 percent) believe Trump committed a crime, the former president leads Biden in surveys. According to the study, 54% of Americans believe the criminal investigations into Trump are politically motivated, a charge the former president has repeatedly made.

Trump has pled not guilty to 91 criminal charges. His first trial, in which he is accused of fabricating business records, is scheduled to begin in New York in March.

According to the study, more than half (54 percent) of Americans believe Trump engaged in an insurrection against the US government while in office. Trump has pleaded not guilty to four federal counts stemming from the events surrounding the January 6 attack and his alleged unlawful attempt to overturn the 2020 election results.

The Supreme Court is also expected to rule on whether Trump can be removed from this year’s election ballots for violating Section 3 of the 14th Amendment, which states that anyone who “engaged in insurrection or rebellion” after taking an oath of office to support the Constitution should be barred from running again.

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India’s Modi Continues to Slam Muslim During 2024 Election Campaign

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Modi alleges Cong trying to loot 27% OBC quota for Muslims: Getty Images

Indian Prime Minister Narendra Modi has stepped up divisive rhetoric against Muslims throughout the election campaign, using some of the most harsh language of his decade in power to bash opponents and mobilize Hindu voters as his party seeks a historic third term.

Modi has referred to the country’s Muslim minority as “infiltrators” in a series of rallies since India’s general election began on April 19, likened his Bharatiya Janata party’s arch-rival Indian National Congress to the historic pro-Pakistan Muslim League, and accused Congress of attempting to “loot” wealth from Hindus and redistribute it to Muslims.

“Congress wants to take part of the rights of [lower-caste Hindus] and give it to their vote bank,” Modi said during a campaign event in Goa on Saturday. “And you know who Congress’s favourite vote bank is,” he added, making a thinly veiled reference to Muslims.

The same day, Anurag Thakur, the BJP’s communication minister, warned another crowd that Congress “wants to give your children’s property to Muslims”.

Modi’s intensification of aggressive rhetoric comes as the BJP seeks to rally support among Hindus, who account for over 80% of the population, in order to gain a super-majority and entrench its domination in national politics.

Flag or election symbol of Bhartiya Janata Party: Getty Images

Modi Ups his Hindu Muslim Rhetoric

The BJP aims to win 370 of the 543 available parliamentary seats, up from 303 in 2019. The results will be announced on June 4, following six weeks of delayed voting.

However, observers who consider the Hindu nationalist BJP as the favourites believe this goal will be difficult to achieve, citing evidence of a dip in turnout during the first two rounds of voting and anti-incumbency feeling in portions of the ruling party’s northern heartland.

“I don’t think I have seen a prime minister speak such inflammatory rhetoric,” said Asim Ali, an independent political analyst, adding that Modi was attempting to “energise the Hindutva [Hindu nationalist] base”.

“Because the prime minister is saying this now, local level BJP operatives are free to take it up.”

The divisive turn has enraged Modi’s detractors, who have filed complaints with India’s electoral commission for suspected violations of the code of conduct. The body sent a notice to the BJP last week, but did not identify Modi and has yet to take action.

During a rally in Agra, home to the Taj Mahal monument erected by a Muslim Mughal ruler, Modi accused Congress of pandering to religious minorities.

“The politics of appeasement has divided the country into pieces,” Modi claimed, claiming that opposition parties are attempting to “steal” from Hindus. Muslims make up approximately 14% of India’s population.

Defence Congress leader Rahul Gandhi: Getty Images

India’s Rahul Gandhi Steps Up Pressure

Congress denies these allegations, accusing the business-friendly BJP of diverting government funding to billionaires while ignoring unemployment and inequality. It has promised to conduct a caste census, which it claims will help allocate resources to underprivileged communities.

Rahul Gandhi, a Congress leader and Modi’s most visible opponent, said on Friday that Modi appeared “very nervous”.

“Narendra Modi has snatched money from the poor . . . [and] given it to the billionaires,” he claimed. “We will give that money to the poor people of India.”

Because India has tight restrictions forbidding the publication of exit polls during the election, there is no confirmed information about any party’s standing.

However, many doubt that the BJP, which swept much of India in 2019, would be able to considerably increase its seat total.

Reaching 370 seats appears to be “a bit of a puzzle, as to where the extra seats are going to come from,” according to Ronojoy Sen, a political scientist at the National University of Singapore, who speculates that the objective may have been designed to motivate party cadres.

Both Hindu and Muslim voters in Agra expressed dissatisfaction with the campaign’s provocative tone. Rizwan Ahmed, 18, said there was “no such problem” between faiths, but “politicians just say things and then people twist the statements”.

“This kind of polarisation and communal rhetoric, of course it’ll appeal to your core voters,” Sen said in a statement. “But I’m not sure how well it works in expanding the core.”

Source: Financial Times

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