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Biden Sell’s Off Emergency Oil Reserves Ahead of Nov 8 Elections
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
Paris police find no weapons on a man detained at Iran’s consulate.
Police said Friday that they discovered no weapons on a man held at the Iranian consulate in Paris after responding to a report of a suspicious man carrying a grenade and an explosives vest.
A Paris police spokesperson told The Associated Press that authorities were verifying the man’s identity but discovered no such weapons on him or in his car.
AP News – VOR News Image
G7 Warns Of New Sanctions Against Iran As World Reacts To Apparent Israeli Drone Attack
The official spoke on the condition of anonymity because he is not permitted to be publicly identified under police procedure.
Some of the police, special agents, and firefighters who rushed to the situation at the consulate were later spotted leaving the area after being arrested. A police cordon remained in place, although traffic had resumed in the area.
According to the official, the individual was observed late Friday morning, and police initiated a special operation as soon as they were notified.
The event occurred at a time of heightened tensions in the Middle East, as Paris prepares to host the summer Olympics.
The director of the United Nations’ nuclear inspector says there was no damage to the Isfahan nuclear facility following a purported Israeli drone attack on a major air base near the Iranian city.
When asked about the nuclear facility on Sky News, International Atomic Energy Agency Director-General Rafael Mariano Grossi stated, “There hasn’t been any damage at the site or anything that would indicate that (there) were hits nearby or something that could lead you to believe that there was an intention to reach these places.”
The Isfahan facility has three small research reactors supplied by China, as well as fuel production and other activities for Iran’s civilian nuclear program.
G7 Warns Of New Sanctions Against Iran As World Reacts To Apparent Israeli Drone Attack
Isfahan also contains locations related with Iran’s nuclear program, such as the subterranean Natanz enrichment facility, which has been frequently attacked by suspected Israeli sabotage strikes.
Iranian authorities claim that air defenses fired on a key air base in Isfahan, which has long housed Iran’s fleet of American-made F-14 Tomcats, purchased prior to the 1979 Islamic Revolution.
Missile remnants were discovered Friday near Latifiya, southwest of Baghdad.
An official with an Iranian-backed militia in Iraq, who spoke on the condition of anonymity because he was not authorized to speak with journalists, said the missile was shot down due to jamming efforts. The Iraqi army lacks jamming systems similar to those used to destroy the rocket, but Iran has handed such gear to its allied militias.
It was unclear whether the rocket was part of an Israeli attack on Iran or last weekend’s Iranian attack on Israel. Local media images of the site showed what seemed to be an air-to-surface missile. There were no reports of Iran firing air-to-surface missiles during Saturday’s onslaught, which comprised over 300 drones, ballistic missiles, and cruise missiles.
G7 Warns Of New Sanctions Against Iran As World Reacts To Apparent Israeli Drone Attack
Tehran launched the attack in response to a purported Israeli strike in Syria on April 1, which killed two Iranian generals in an Iranian consulate building.
SOURCE (AP)
Six people have been arrested, including a jeweler and a commercial airline employee, and police have issued warrants for three more suspects in connection with what they say the single-largest gold robbery in Canadian history.
According to Peel Regional Police in Ontario, a joint investigation with the United States Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) resulted in the filing of nearly two dozen charges against the suspects in connection with the nearly $20 million Canadian dollar ($14.5 million) heist that occurred a year ago.
During a news conference in Ontario on Wednesday, Peel Regional Police Detective-Sergeant Mike Mavity told reporters that 400 kilograms of gold bars weighing more than 900 pounds, as well as approximately CA$2.5 million ($1.8 million) in stolen bank notes, were hijacked at Toronto Pearson International Airport after arriving on a commercial flight from Europe.
In total, 6,600 gold bars of various sizes were stolen, each of which was “99.9% pure and contained individualized serial numbers,” according to Mavity.
Gold Was in Hull of Air Canada aeroplane: File Photo
According to Peel Regional Police in Ontario, a joint investigation with the United States Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) resulted in nearly two dozen charges being filed against the suspects in connection with the nearly $20 million Canadian dollar heist that occurred on April 17, 2023.
On April 17, 2023, the gold and money were loaded into the hull of an Air Canada flight in “an approved airline container” bound for Toronto.
At 3:56 p.m. same day, the flight arrived at Toronto Pearson International Airport, and the gold and cash were quickly removed from the aircraft and transported to an Air Canada facility.
At 6:32 p.m., a man suspect came at air can freight driving a 5-ton truck and approached the property with what police called a counterfeit airway bill, a document used by carriers to track shipments.
Shortly after, a forklift arrived and loaded the item into the suspect’s truck. The suspect then drove off.
Fake Shipping Bill: Photo Peel Police
According to a police press release, officials discovered the document bill at 2:43 a.m. the next day to be a duplicate of an airline bill for a valid shipment of fish delivered and picked up the day before.
According to Mavity, the fake bill was produced at the Air Canada facility, and when officials discovered the products were gone, they used security footage to monitor part of the suspect’s subsequent trip until losing track of the truck in north Milton, an Ontario suburb.
Police stated that the crime was an inside operation and that a former Air Canada manager was wanted in the case.
So far police said they have arrested the following suspects in connection to the gold heist case:
- Air Canada employee Parmpal Sidhu, 54, of Ontario
- Jewelry store owner Ali Raza, 37, of Toronto
- Amit Jalota, 40, of Ontario
- Ammad Chaudhary, 43, of Ontario
- Prasath Paramalingam, 35, of Ontario
All five were released on bail and are scheduled to appear in court at a later date, Mavity said.
The truck driver who allegedly picked up the gold, Durante King-Mclean, 25 of Ontario, is currently in custody in the U.S. on firearms and trafficking related charges.
Here are the suspects at large:
- Air Canada manager Simran Preet Panesar, 31, of Ontario
- Archit Grover, 36, of Ontario
- Arsalan Chaudhary, 42, of Ontario
Only CA$90,000 ($65,000) of the more than CA$20 million recovered, said to Peel Regional Deputy Chief Nick Milinovich.
According to US Today, U.S. ATF Special Agent Eric DeGree, King-Mclean was detained in Pennsylvania following a traffic stop that resulted in the seizure of 65 illicit guns destined for Canada. According to DeGree, King-Mclean attempted to flee after police discovered the firearms in a rental car he was driving.
According to Air Canada spokesman Peter Fitzpatrick, two of the individuals identified by police worked for the airline’s cargo division at the time of the crime.
“One left the company prior to the arrests announced today, and the second has been suspended,” he stated, according to the site. “Because matter is now before the courts, we are unable to speak further.
According to the announcement, only about CA $90,000 (one kilogram of gold) has been found and melted down into bangle bracelets. According to authorities, the remaining gold was most likely melted down and used to purchase illicit weaponry.
“I commend our investigators, the ATF, other law enforcement partners, and our community for working together to identify and arrest those responsible for this brazen crime,” Peel Regional Police Chief Nishan Duraiappah said in a statement this week.
Anyone with information regarding the case should contact Peel Regional Police.
WARSAW, Poland – A Polish man has been arrested on suspicion of preparing to spy for Russia’s military intelligence in an alleged plot to assassinate Ukraine’s President Volodymyr Zelenskyy, Polish prosecutors said Thursday.
According to a statement released by Poland’s National Prosecutor’s Office, the individual, known only as Pawel K. under Polish privacy regulations, was accused of preparing to transmit airport security information to Russian agents and was arrested in Poland on Wednesday.
AP News Image
Poland Arrests Man Suspected Of Spying For Russia To Aid Zelenskyy Assassination Plot
The man was looking for contact with Russians directly involved in the war in Ukraine and was expected to provide detailed information about the Rzeszow-Jasionka airport in south-east Poland, near the Ukrainian border, which serves as the gateway for international military and humanitarian supplies to Ukraine. It also caters to leaders and politicians traveling in and out of Ukraine. The airport is controlled by US soldiers.
If convicted, the guy faces up to eight years in prison, according to the statement.
AP News – VOR News
Poland Arrests Man Suspected Of Spying For Russia To Aid Zelenskyy Assassination Plot
The prosecutors claimed that close cooperation with Ukrainian prosecutors and security agencies, who tipped them off and provided crucial evidence, made the arrest possible. They stated the case is progressing.
On Thursday, prosecutors in Germany announced the arrest of two German-Russian individuals on suspicion of espionage, with one accused of agreeing to carry out assaults on potential targets, including US military bases, in the hopes of damaging supplies to Ukraine.
Dieter S. and Alexander J. were arrested Wednesday in Bayreuth, Bavaria, according to German federal authorities.
Since Moscow initiated its campaign on Ukraine in February 2022, several persons have been arrested in Poland on suspicion of spying for Russia, including a dual Russian-Spanish citizen.
CNN – Vor News Image
Poland Arrests Man Suspected Of Spying For Russia To Aid Zelenskyy Assassination Plot
Poland, a European Union member, has been a loyal backer of neighboring Ukraine and Zelenskyy in their fight against Russia’s aggression for more than two years.
SOURCE – (AP)
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