In order to ease the oil supply crisis and cut gas prices, which have grown to be a major domestic worry ahead of the November midterm elections, President Joe Biden outlined a number of measures on Wednesday.
Biden acknowledged that 15 million barrels of the country’s Strategic Petroleum Reserve inventory were released in December.
From the Roosevelt Room, Biden declared, “With my announcement today, we’re going to continue to stabilize markets and cut prices at a time when the actions of other countries have generated so much instability.
Administration officials earlier informed reporters that this is not a new tranche but rather the last 15 million barrels of the 180 million Biden promised to transfer over a six-month period this spring.
On Wednesday, Biden also stated that the government is going to buy oil to rebuild the strategic reserve once crude falls below $70 per barrel, which is an extraordinary measure. According to officials, this action aims to encourage domestic oil production by sending a clear signal to the market.
In order to accomplish this, Biden also targeted oil firms on Wednesday, accusing them, as he has in the past, of price gouging during a period of record profits.
In comments made to energy corporations, Biden remarked, “You shouldn’t be utilizing your profits for dividends or stock buybacks.” “Not just now, not when a war is in progress. You ought to enhance manufacturing and refining with these astounding revenues. For the benefit of American citizens, invest in America. Reduce the price you list at the pump to reflect the product’s true cost.
Oil executives have already gone before Congress to address concerns about their prices, but they have maintained that these variables, such as supply and demand, are the driving factors behind these prices. Biden has frequently called for an increase in production, but the oil industry and other energy analysts have consistently rebuffed him, claiming that other variables are at work and that it is not that simple or quick to increase production.
Although gas prices have started to decline in recent weeks, the national average for a gallon of gas is still 20 cents more expensive than it was a month ago, according to AAA. Gas prices are also 56 cents higher than they were a year ago, despite having decreased from their summer high of more than $5 per gallon.
But they aren’t falling quickly enough, Biden admitted on Wednesday. Families are suffering,
While continuing to blame Russian President Vladimir Putin’s invasion of Ukraine and “other actors in the market” for the rising costs this fall, the Biden administration claimed some progress in cutting prices over the summer.
Republicans have been harshly critical of Biden’s handling of economic issues for months as a result of the high cost of petrol and overall high inflation.
The 15 million additional barrels of oil won’t be released until December, and the midterm elections are just around the corner, but according to administration officials, Biden is making the announcement now because standard Department of Energy procedure calls for notification of the release a month and a half in advance.
When questioned by a reporter on Wednesday, Biden denied the action was politically driven — to support Democrats before the November elections.
In response, Biden said, “I’m motivated to make sure that I continue to press on what I’ve been working on, which is making sure there is enough oil that has been pumped by the corporations, so that we have the potential to be able to create the gas that we need here at home.
According to officials, additional measures to address the oil supply may include certain restrictions on oil companies’ exports to other markets. According to the officials, the administration hasn’t completely ruled out making subsequent releases from the U.S. reserve. A decision regarding a January release will be made in November.
One official told reporters, “We’re keeping all options open, anything that can help maintain stable domestic supply.”
Joe Biden Believed to Have Invited PM Modi for State Visit to US
It has been reported that the President of the United States, Joe Biden, has extended an invitation to the Prime Minister of India, Narendra Modi, for a state visit this summer. The invitation has been accepted in principle, and both sides are now working on scheduling a mutually convenient date. Currently, the visit is in the early stages of logistical planning.
India is set to host a series of events in the lead-up to the G-20 summit in September. This includes several events aimed at showcasing the country’s progress and achievements. Given the significance of the G-20, the state visit by President Biden is expected to be a significant event that will highlight the strong partnership between the two countries.
The visit will also provide an opportunity for the two leaders to engage in discussions on a range of important issues, including trade, investment, and regional security. India and the United States share a strong relationship, built on shared values and mutual interests. The state visit will further strengthen this relationship and deepen the ties between the two nations.
The visit is expected to generate significant media coverage and will likely be seen as a significant event in the region. Both sides are expected to take advantage of the opportunity to highlight their respective achievements and to set the tone for future cooperation.
The state visit is expected to last for a minimum of a couple of days and will involve several key events such as a joint address to the US Congress and a state dinner at the White House. Prime Minister Modi has a busy schedule ahead, including participation in the G-20 summit, domestic and international commitments, and campaigning for state assembly elections later in the year.
Sources, who remain unnamed due to the sensitive nature of the matter and restrictions on discussing it publicly, have not disclosed the timing and messenger of President Biden’s invitation to Prime Minister Modi. Biden previously hosted French President Emmanuel Macron for his first state dinner in December.
A senior official from the Biden administration has stated that the President values the partnership between India and the United States, which is seen as critical for addressing global challenges and advancing shared interests.
In conclusion, the state visit by President Biden to India this summer is expected to be a significant event that will reinforce the strong partnership between the two countries and deepen the ties between their people. Both sides are working to ensure that the visit is a success and will contribute to the continued growth and prosperity of both nations.
US Plans to End Public Health Emergency for Covid in May
The Biden administration has announced its plan to end the coronavirus public health emergency in May, signaling a shift in the perception of the pandemic’s severity. The expiration of the emergency will bring both symbolic and practical changes, as millions of Americans have received free Covid tests, treatments and vaccines that may not be available without cost after the emergency ends.
The White House intends to keep the emergency in place for a few more months to provide adequate time for hospitals, health care providers, and health officials to prepare for the changes that will come with its end.
Although Covid-19 is still taking an average of over 500 lives daily in the US, about double the number of deaths during a severe flu season, the pandemic is no longer disrupting daily life to the same extent it once did. This is due, in part, to the increasing number of people who have received vaccinations or have developed some level of protection from prior infections.
The White House is committed to an orderly transition out of the public health emergency. Additionally, the administration intends to let a separate declaration of a national emergency expire on the same day, May 11.
The White House has warned against the sudden end of the emergency declarations, stating that it could result in widespread chaos and uncertainty across the healthcare system. The statement highlights the potential impact on states, hospitals, doctors’ offices, and most importantly, millions of Americans.
The White House emphasized the importance of an orderly transition to minimize disruption to the healthcare system and to ensure that the needs of all stakeholders are addressed. The message serves as a reminder of the ongoing challenges posed by the pandemic and the need for continued vigilance and preparation to manage its impact on public health and the healthcare system.
The White House statement was released prior to a planned vote in the House on a bill named the “Pandemic Is Over Act,” which aims to end the public health emergency immediately. The Republican-led House is scheduled to discuss several pandemic-related measures this week. The White House’s statement serves as a response to the proposed bill, as well as another bill aimed at ending the national emergency.
The disagreement between the White House and House Republicans indicates a likely prolonged political dispute over the administration’s handling of the pandemic. Republicans aim to criticize the Biden administration for excessive spending in response to the coronavirus crisis. Representative Steve Scalise, a Republican from Louisiana and the Majority Leader, has called on the Biden administration to end the emergency declaration immediately instead of waiting until May 11. Scalise believes that the Biden administration has used the Covid crisis as a cover to waste taxpayer dollars on unrelated policies.
However, the White House claims that it is the federal Covid policies, including free tests, treatments, and vaccines, that have improved the control of the pandemic. The officials have reported that Covid was the third leading cause of death from 2020 to mid-2022, but is no longer among the top five killers.
In conclusion, the decision to end the coronavirus public health emergency marks a significant turning point in the pandemic, reflecting the administration’s confidence in the progress made in controlling its spread. However, it also brings with it the challenge of ensuring a smooth transition that addresses the impact of the emergency on the healthcare system and its stakeholders.
Boeing’s 747, The Original Jumbo Jet, Prepares for Final Send-Off
The Boeing 747, affectionately known as the “Jumbo Jet” and “Queen of the Skies,” has revolutionized air travel for over five decades. However, its reign as the largest commercial passenger airplane has come to an end, with the final delivery of the freighter version being handed over to Atlas Air on Tuesday. The 747’s iconic design, featuring a distinctive hump on its silhouette, made its debut in the 1960s in response to the growing demand for mass travel.
The first twin-aisle wide-body jetliner offered luxury on its upper deck and nose, but it was its ability to accommodate a large number of passengers that truly transformed air travel. Bruce Dickinson, lead singer of Iron Maiden and former 747 pilot, describes the airplane as stately and imposing on the ground, yet surprisingly agile in the air. Despite its retirement from commercial passenger service, the 747 remains a beloved symbol of a bygone era of air travel.
The Boeing 747, nicknamed the “Jumbo Jet” and “Queen of the Skies,” transformed air travel, making it affordable for the middle class. Air France-KLM CEO Ben Smith notes that prior to the 747, the average family couldn’t affordably fly from the U.S. to Europe.
The 747 played a significant role in global affairs, serving as the “Doomsday Plane” for the U.S. and chartered for papal visits as “Shepherd One.” Today, two previously delivered 747s are being fitted to replace U.S. presidential jets known as Air Force One.
Linda Freier, a former Pan Am flight attendant, recalls the incredible diversity of passengers on the 747, including well-dressed individuals and those who spent everything they had on a ticket. When the first 747 took flight on January 22, 1970, it doubled plane capacity to 350-400 seats, drastically altering airport design.
The 747 was known as the “aircraft for the people” due to its ability to bring air travel to the masses. Aviation historian Max Kingsley-Jones states that the 747 was a game-changer across all aspects of the aviation industry. The story behind the 747’s birth is steeped in aviation mythology.
The founder of Pan Am, Juan Trippe, wanted to reduce costs by increasing the number of seats. During a fishing trip, Trippe challenged Boeing President William Allen to create an aircraft that exceeded the 707. Allen put legendary engineer Joe Sutter in charge of the project and Sutter’s team, nicknamed “the Incredibles,” took only 28 months to develop the 747, which made its first flight on February 9, 1969.
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