The Biden administration said on Tuesday that it is releasing additional oil from its reserves in an effort to lower gasoline costs.
For the past few months, the federal government has been releasing barrels of crude oil from the Strategic Petroleum Reserve (SPR) in an effort to bring down the price of oil at the pump.
The White House says it’s already sold 125 million barrels from the reserve, and now more will be put on the market, according to the White House. According to Treasury Department estimates, prices have dropped by 17 to 42 cents a gallon as a result of the releases.
The Biden administration also intends to restock the SPR, and one way they intend to achieve this is by incentivizing greater production through contracts with a fixed cost.
the SPR’s fixed-price contracts can give producers the security of knowing that the price they receive when selling to the SPR would be fixed, protecting them against market declines,” the White House noted in an information sheet regarding the idea.
Oil output and refinery capacity in the United States have fallen substantially below pre-pandemic levels since March 2020. According to data from the US Energy Information Administration, the number of active refineries has decreased by six since 2020, and there were five idle refineries in 2022, compared to four in 2020. Nearly 800,000 barrels less can be produced by operating refineries than they will be able to produce by 2020.
Drillers are afraid of restarting expensive wells because of projected price decreases, which has compounded production concerns during the US fracking boom’s conclusion during the epidemic. By securing current pricing, some of the uncertainty surrounding resuming production is reduced.
Operation Warp Speed under President Trump’s administration was similar to this prior federal guarantee. Companies like Pfizer and Moderna were able to put money into vaccine development under the public-private partnership program, knowing that the federal government would acquire the medicines they developed. Using a price guarantee, Biden is now trying to persuade skeptic oil drillers to restart production.
After hitting at a record $5 per gallon in mid-June, gas prices have been falling steadily over the last two weeks. According to AAA, the average price of a gallon of normal is currently $4.327. During the week ending July 25, normal gasoline was priced at $4.330 per gallon, according to the US Energy Information Administration (EIA).
Consumers in the United States can breathe a sigh of relief, but prices will likely remain high as long as the Ukraine crisis continues and the global economy cope with lower oil supply.
On July 22, Biden addressed the issue of rising gas costs, saying, “The real answer is to get to a clean energy economy as soon as possible; turn this into something positive,” Biden said in remarks about high gas prices on July 22. “That means cleaner renewable energy, more affordable electric vehicles, and clean energy manufactured here in the United States. That’s how we’ll protect the climate and create jobs.”
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ISTHATPORKS TAKE:
Everybody has something good in them. It just has to be a certain meeting of a problem and a solution from an individual. That individual can be anybody. In this case, it was Trump. But, it was Biden too cause he made the right decision in this situation once presented and didn't shy away because it was from his adversary. Actually, he probably would have made this decision whether Trump made it before him or not. With Joe Biden's record, we just believe that.
Former Independent Counsel Ken Starr, who was instrumental in the impeachment of former President Bill Clinton, has passed away.
Starr passed away on Tuesday at Baylor St. Luke’s Medical Center in Houston, Texas… owing to postoperative problems… that’s what his relatives say.
Starr led the massive Whitewater investigation of the Clintons in the 1990s and is famous for this. The investigation started with the Clintons’ real estate dealings and widened to encompass the Monica Lewinsky sex scandal.
Starr’s career as an attorney was highly successful… It was Reagan who put him forward for a position on the Supreme Court of the United States. District of Columbia Court of Appeals. Later becoming U.S. Secretary of State under former President George H.W. Bush. State Department’s top lawyer.
Starr was a United States Circuit Judge for the District of Columbia and argued 36 cases before the Supreme Court. He worked as an associate attorney general under William French Smith and as a law clerk for Warren E. Burger.
Active in the field of higher learning, during his 25 years of teaching, he has held positions at New York University, George Mason University, Pepperdine University, Chapman University, and Baylor University. In addition to his role as President and Chancellor of Baylor, Starr formerly served as Dean of the Pepperdine University School of Law.
Starr attended Sam Houston High School and Trinity University to receive his Bachelor of Arts after he was born and raised in San Antonio, Texas. He earned an M.P.S. in political science from Brown and a J.D. from Duke.
Ken’s children, Randall, Carolyn, and Cynthia, and his wife of 52 years, Alice Mendell Starr, survive him.
In a statement released in Starr’s son’s honor, the family expressed their “deep sadness at the loss of our dear and loving Father and Grandfather, whom we admired for his prodigious work ethic, but who always put his family first. The love, energy, endearing sense of humor, and fun-loving interest Dad exhibited to each of us was truly special, and we cherish the many wonderful memories we were able to experience with him.”
The visitation will be held on September 23 in Waco, and the burial will take place in the Texas State Cemetery in Austin.
A 76-year-old Starr in some circles of politics passed away.
CHERYENNE, Wyoming. Following a crushing defeat in the Wyoming Republican primary to an opponent sponsored by former President Donald Trump, Representative Liz Cheney became increasingly outspoken on Wednesday about considering a 2024 presidential candidacy.
The three-term congressman stated on NBC that Trump poses ““a very grave threat and risk to our republic,” adding that she plans to join “a broad and united front of Republicans, Democrats, and independents” to stop him.
She wouldn’t confirm or deny whether or not she was considering a presidential run, but she did admit, “it’s something that I’m thinking about.”
The primary results, especially her loss by more than 35 points, highlighted the swift rightward movement within the Republican Party. Trump’s populist appeal and, more than anything else, his rejection of loss in 2020 have transformed the Republican Party, which was once dominated by national security-focused, business-friendly conservatives like her father, former Vice President Dick Cheney.
The claims have been rejected by federal and state election officials as well as Trump’s own attorney general and judges he selected, turning Cheney from an occasional critic of the former president into the strongest voice within the GOP warning that he constitutes a threat to democratic principles. She alluded to her political future by mentioning that she is the ranking Republican on the House panel looking into the insurrection at the U.S. Capitol by a mob of Trump supporters on January 6, 2021.
“I have said since Jan. 6 that I will do whatever it takes to ensure Donald Trump is never again anywhere near the Oval Office — and I mean it,” she said during her concession speech on Tuesday.
Cheney addressed a small group of supporters, including her father, on the edge of a large field framed by mountains and bales of hay on Wednesday morning, and she described her primary loss from Tuesday night as the beginning of a new chapter in her political career.
“Our work is far from over,” she said, evoking Abraham Lincoln, who also lost congressional elections before ascending to the presidency and preserving the union.
Celebratory Hageman supporters, many of whom were dressed in cowboy boots, hats, and blue jeans, congregated for a massive outdoor rodeo and Western cultural celebration in Cheyenne, some 400 miles (645 kilometers) to the east of Cheney’s concession address.
Hageman, an attorney for the ranching business who came in third in a previous run for governor, expressed his gratitude to President Trump for recognizing the importance of Wyoming’s lone congressional representative.
She courted Trump’s supporters by echoing his conspiracy theories and saying the 2020 election was “rigged,” which is demonstrably wrong.
As Trump’s largest political triumph of the primary season, Cheney’s defeat was cause for celebration among Trump and his staff. The former president has described the findings as “a complete condemnation” of the January 6 committee.
He said of Cheney, “Liz Cheney should be ashamed of herself, the way she acted, and her spiteful, sanctimonious words and actions towards others,” he wrote on his social media platform. “Now she can finally disappear into the depths of political oblivion where, I am sure, she will be much happier than she is right now. Thank you WYOMING!”
Meanwhile, Sen. Lisa Murkowski, another major Republican critic of Trump, advanced from her primary in Alaska, which also took place on Tuesday. In the contest for Alaska’s lone U.S. House seat, Sarah Palin, the GOP’s 2008 vice presidential contender and a fervent admirer of Trump, was also headed for the general election in November.
The focus, though, was on Cheney, whose defeat just two years ago seemed impossible. She comes from a prestigious political family in Wyoming, as her father was the state’s vice president. Moreover, she was the third-ranking Republican in the House of Representatives, making her a powerful figure in party politics and policy and ensuring that she had a solidly conservative voting record.
Now that Cheney has reached the end of her third and final term in Congress, she will be compelled to leave office in January. No one will be expecting her to exit Capitol Hill quietly.
She will remain in charge of the congressional group until its dissolution at the end of the year, when the probe into the attack on January 6 will have concluded. She has sworn to do all in her power to combat Trump’s influence in her party, and she is seriously considering a run for the White House in 2024, either as a Republican or as an independent.
On Thursday, Attorney General Merrick Garland said he personally approved the search warrant that was used to raid Trump’s Mar-a-Lago resort.
Garland also disclosed that the Department of Justice has submitted a motion to unseal an FBI property receipt and a search warrant.
“Federal law, long-standing department rules, and our ethical obligations prevent me from providing further details as to the basis of the search at this time. There are, however, certain points I want you to know,” Garland said.
“First, I personally approved the decision to seek a search warrant in this matter. Second, the department does not take such decisions lightly.”
Given Trump’s “public confirmation of the search,” the circumstances surrounding the search, and the considerable public interest in this subject, Garland said they decided to move to unseal the materials.
The warrant and the FBI’s receipt were “given to the former president’s attorney who was on-site during the search,” Garland added.
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