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    Democrats announce plans to ‘go after’ big oil in effort to bring down prices

    Democrats announce plans to ‘go after’ big oil in effort to bring down pricesNancy Pelosi says oil companies ‘hoarding the windfall while keeping prices high at the pump’ amid concerns over US inflation The Biden administration is to propose legislation that would allow US federal and state agencies to “go after” oil companies on wholesale and retail sales practices, lambasting the industry over price gouging and profiteering.As American voters express increasing concerns about the high prices of a wide range of consumer goods, including energy and food, Senate majority leader Chuck Schumer said passing legislation to bring down retail gasoline prices “is at the very top of our list”.‘We’re not attacking Russia,’ Biden says as he asks for $33bn in Ukraine aid – liveRead moreNeither Schumer nor House speaker Nancy Pelosi would say when such legislation will be voted upon, or how much money it could end up saving consumers if enacted into law.“Big oil has profiteered and exploited the marketplace,” Pelosi told reporters, noting companies’ strong corporate profits over the past year. “They are hoarding the windfall while keeping prices high at the pump,” she added.The move comes as gas prices have surged in the wake of Russia’s invasion of Ukraine. Despite recent falls, the average price of a gallon of gas is now over $4 in the US, up from $2.88 a year ago, according to the American Automobile Association.Oil companies have enjoyed record profits as prices have soared. Exxon, the largest US oil company, is expected to report record earnings on Friday and rival Chevron recently reported “the best two quarters the company has ever seen”.Pelosi said the White House had discussed a “holiday” for Federal gas taxes but said that there was no evidence that oil companies would pass those savings on to consumers.Oil companies are not alone in reporting huge surges in profits even as consumers face higher bills thanks to soaring inflation. An analysis of 100 leading US companies found their net profits had risen by a median of 49%, and in one case by as much as 111,000%. The increases came even as prices rose and average wage increases were eroded by rising inflation.Reuters contributed to this storyTopicsOil and gas companiesUS politicsBiden administrationInflationEconomicsEnergy industrynewsReuse this content More

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    DC Deconstructed: The View from the Carriage House

    The Fair Observer website uses digital cookies so it can collect statistics on how many visitors come to the site, what content is viewed and for how long, and the general location of the computer network of the visitor. These statistics are collected and processed using the Google Analytics service. Fair Observer uses these aggregate statistics from website visits to help improve the content of the website and to provide regular reports to our current and future donors and funding organizations. The type of digital cookie information collected during your visit and any derived data cannot be used or combined with other information to personally identify you. Fair Observer does not use personal data collected from its website for advertising purposes or to market to you.As a convenience to you, Fair Observer provides buttons that link to popular social media sites, called social sharing buttons, to help you share Fair Observer content and your comments and opinions about it on these social media sites. These social sharing buttons are provided by and are part of these social media sites. They may collect and use personal data as described in their respective policies. Fair Observer does not receive personal data from your use of these social sharing buttons. It is not necessary that you use these buttons to read Fair Observer content or to share on social media. More

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    The Unholy Alliance Between the US Security Apparatus and Big Tech

    The Fair Observer website uses digital cookies so it can collect statistics on how many visitors come to the site, what content is viewed and for how long, and the general location of the computer network of the visitor. These statistics are collected and processed using the Google Analytics service. Fair Observer uses these aggregate statistics from website visits to help improve the content of the website and to provide regular reports to our current and future donors and funding organizations. The type of digital cookie information collected during your visit and any derived data cannot be used or combined with other information to personally identify you. Fair Observer does not use personal data collected from its website for advertising purposes or to market to you.As a convenience to you, Fair Observer provides buttons that link to popular social media sites, called social sharing buttons, to help you share Fair Observer content and your comments and opinions about it on these social media sites. These social sharing buttons are provided by and are part of these social media sites. They may collect and use personal data as described in their respective policies. Fair Observer does not receive personal data from your use of these social sharing buttons. It is not necessary that you use these buttons to read Fair Observer content or to share on social media. More

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    Jacob Zuma Threatens to Bring South Africa to its Knees If He Is Jailed

    The former President of South Africa, Jacob Zuma, is the glowering figure who looms large over the country’s future. The 80-year-old is determined that never again will he suffer the ignominy of being jailed — despite being charged with hundreds of counts of corruption in a case that has dragged on for nearly 17 years. Zuma has pleaded not guilty to corruption, money laundering and racketeering in a 1990s $2 billion arms deal that he promoted.

    To head off any chance of being imprisoned, he has deployed the so-called “Stalingrad defense.” This is a term for a legal strategy of stalling proceedings based on technicalities. Zuma’s lawyers are fighting every attempt to put him before a judge on the basis of arcane technicalities. Finally, this strategy is wearing thin and Zuma’s supporters are now resorting to alternative tactics.

    Past Precedent

    This is not the first time that Zuma faces time in prison. Last year, the Constitutional Court of South Africa found Zuma guilty of contempt of court and sentenced him to jail for 15 months. Zuma’s supporters took to the streets in KwaZulu-Natal and Gauteng. They blocked roads, assaulted people, and looted and burned supermarkets.

    Embed from Getty Images

    When Zuma’s legal team were in court on April 11,  they reminded the court of what had happened. They warned the judge that the riots that ensued after his jail sentence last year resulted in the deaths of more than 350 people. Zuma’s lawyers claimed that the riots “were partly motivated or sparked, to whatever extent, by a sense of public outrage at perceived injustice and special treatment of Mr Zuma.” They were making an obvious threat.

    It is important to put Zuma’s July 2021 riots in context. The country’s most notorious mass killing remains the Sharpeville massacre of March 1960. This occurred during the era of apartheid. The massacre cost 69 lives as the police fired into a crowd. The Zuma riots cost many more lives than the Sharpeville massacre.

    To contain these riots, South African President Cyril Ramaphosa had to deploy 25,000 troops. He admitted that he had no prior warning from his intelligence services of the scale of the unrest. This is unsurprising. Zuma was an intelligence agent for the African National Congress (ANC) and has strong links with South Africa’s security services. As the South African media have reported: “Former senior security agency and ANC members aligned with Jacob Zuma have allegedly instigated the unrest in Gauteng and KwaZulu-Natal. Citing sources in the intelligence community…these former agency members used intelligence networks to spark the riots.”

    The government made promises to bring those who instigated the Zuma riots to justice.  Duduzile Zuma-Sambundla, Zuma’s daughter, was one of those accused of stoking the riots. She and none of the major figures allegedly behind the Zuma riots have been held accountable. Of the 3,000 suspects arrested, all of them have been small-fry.  

    Constitutional Challenge And Risk of Becoming a Failed State

    Like a latter-day Samson, the former president is threatening to bring down the South African constitutional order around him. Those close to Zuma have threatened both the judges and the constitutional order itself. The South African constitution, shaped under Nelson Mandela is today questioned by factions of the ANC who want to make the judiciary and the constitution subservient to the political establishment.

    Many ANC leaders, keen to stave off allegations of wrongdoing, have muttered darkly about the constitution for years. KwaZulu-Natal Premier Sihle Zikalala recently criticized the courts, saying “It is time we should debate whether the country does not need parliamentary democracy where laws enacted by Parliament should be above all and not reviewed by another organ…” Ironically, Zikalala is calling for a return to parliamentary supremacy — the hallmark of the apartheid years.

    Unique Insights from 2,500+ Contributors in 90+ Countries

    There is a real cost to such maneuvers by ANC politicians. In its December conference,the party will elect a new leadership. If some ANC members have their way, they could even remove Ramaphosa, although this seems unlikely as of now. Nevertheless, the ANC’s branches and its provincial structures are experiencing a bitter battle between the pro- and anti-Zuma factions. These factions are fighting for the support of the ANC’s 1.5 million members in meetings across the country, some of which are turning violent.

    While the ANC is locked in internal battles, there are warnings that South Africa might be turning into a failed state. The government has failed to provide many essential public services already. The railways have been vandalized and looted so severely that no trains have run in the Eastern Cape since January 7. Critical coal and iron ore exports are grinding to a halt because of cable theft  that has gone unchecked for years because of South Africa’s systemic corruption.  As per Bloomberg, “more than $2 billion in potential coal, iron ore and chrome exports were lost” in 2021.

    Embed from Getty Images

    The failure of the electricity supply system is so chronic that it is hardly remarked upon. In the Cape, the opposition Democratic Alliance has plans to dump the state electricity provider — Eskom — and establish its own power supply.

    In a September 2020 report, Eunomix warned that “bar a meaningful change of trajectory, South Africa will be a failed state by 2030.” The remarks were echoed in March this year by the treasury director general Dondo Mogajane. He took the view that, if South Africa continued on its present path, it could indeed become a ‘failed state’ with “no confidence in the government, anarchy and absolutely no control in society.”

    In April, Ramaphosa was forced torespond to Mogajane. The president adamantly declared that South Africa was “not a failed state yet and we will not get there.” Ramaphosa claimed that his government was taking steps to rebuild South Africa’s capacity and fight corruption. This claim remains an admirable but unfulfilled ambition.

    Zuma has not been brought to court and his associates are locked in battle with Ramaphosa’s supporters for control of the ANC and the country. Meanwhile, growth rates slide, unemployment rockets and poverty remains endemic. Even as South Africa is on the slide, the world’s attention is elsewhere. This is a tragedy. Africa could lose one of its few genuine democracies and see the collapse of its largest economy.

    The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy. More

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    US inflation climbed to 8.5% in March, highest rate since 1981

    US inflation climbed to 8.5% in March, highest rate since 1981War in Ukraine drives up energy costs as figures strengthen expectations Federal Reserve will raise interest rates next month Prices in the US climbed at their highest rates since 1981, rising 8.5% over the year to the end of March as the war in Ukraine drove up energy costs for Americans, the labor department announced on Tuesday.The latest Consumer Price Index (CPI) – which measures the prices of a basket of goods and services – comes after the index rose by 7.9% in the year through February, the fastest pace of annual inflation in 40 years.Driven up by continuing supply chain problems, soaring demand and rising energy prices, inflation is now at levels unseen in the US since Ronald Reagan took the White House from Jimmy Carter.Biden heads to Iowa to unveil plan to reduce gas prices as inflation soars – liveRead moreThe price increases are broad – with the cost of rent, gas and food causing particular hardship for lower income Americans and represent a major blow to the Biden administration, already facing tough odds of retaining control of Congress in November’s midterm elections.Soaring gas prices were the main driver of the rise. The gasoline index rose 18.3% in March and accounted for over half of all the items’ monthly increase. Gas prices have begun to fall, in a sign that some economists have argued may suggest inflation has reached its peak.The food index rose 1% in March compared with February, and is up 8.8% compared with the prior 12 months. Canned fruit and vegetable prices rose 3.8% from February to March, rice prices rose 3.2%, potatoes 3.2% and ground beef 2.1%.Andrew Hunter, senior US economist at Capital Economics, said energy prices would come down in the months ahead and there were signs that price pressures appear to be moderating.But, he added, the figures were likely to strengthen the Federal Reserve’s plan to increase interest rates as it struggles to tamp down inflation.“With Fed officials sounding more hawkish by the day, the March data won’t change their plans to up the pace of rate-hikes to 50 basis points per meeting from next month. Even so, it does support our view that, having been slow to realize that the initial surge wasn’t transitory, Fed officials are now being a bit too pessimistic about how quickly inflation will drop back,” he wrote in a note to investors.The White House warned ahead of the report it was expecting a bad set of figures. On Monday White House press secretary Jen Psaki told reporters that the labor department’s previous report had not included the majority of the jump in oil and gas costs caused by the Kremlin’s invasion of Ukraine.“We expect March CPI headline inflation to be extraordinarily elevated due to Putin’s price hike,” Psaki said.There are two versions of the CPI, one that includes all the prices consumers face and another – core CPI – which excludes food and energy prices, which tend to be more volatile. Core prices climbed 6.5% in the year through March, up from 6.4% in the year through February.The core index did suggest the pace of inflation was slowing, rising 0.3% from February, compared with 0.5% the prior month.Psaki said the administration expected a wide disparity between the two measures because of the soaring price of gas. Nationally the average price of a gallon of gas is now $4.11, compared with $2.86 a year ago, according to AAA.“At times, gas prices were more than one dollar above pre-invasion levels, so that roughly 25% increase in gas prices will drive tomorrow’s inflation reading,” Psaki said.Joe Biden addressed the latest inflation figures at a speech in Des Moines, Iowa, where he announced plans to use more ethanol in US fuel during the summer in an attempt to tackle high gas prices. “I am doing everything in within my executive power to bring down the Putin price hike,” he said. TopicsUS economyInflationEconomicsUS politicsnewsReuse this content More

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    Making Sense of the Tigray War in Ethiopia

    FO° Insights is a new feature where our contributors make sense of issues in the news.

    Even as the focus has been on Ukraine, a bloody and brutal conflict has raged in Tigray for 17 months but hardly attracted global attention. On March 25, rebel Tigrayan forces declared that they would respect a ceasefire proposed by Ethiopian Prime Minister Abiy Ahmed as long as sufficient aid was delivered to their war-scarred northern region “within reasonable time.”

    Martin Plaut on the Tigray War, Ethiopia and More

    In this episode, we have the former BBC World Service Africa Editor explain what is going on in the Tigray War in Ethiopia and you can read what he has to say below.

    Embed from Getty Images

    How significant is the humanitarian ceasefire in Ethiopia’s Tigray region?

    This is the first real breakthrough in the negotiating process that we’ve had since the war began in November 2020. There have been terrible bitter months in which there has been a huge loss of life. As per estimates, up to 500,000 people have died either from the conflict or from starvation in Tigray. The whole of Tigray is surrounded by enemies with the Eritreans to the north and the Ethiopians to the south, the east and the west.

    To avoid starvation, it is vital that supplies get through. The Tigrayans need something like a hundred (100) trucks a day. They’ve had 100 trucks in the last, I don’t know, six weeks. There’s starvation in Tigray and humanitarian assistance is desperately needed.

    Why has the ceasefire taken so long?

    Essentially the Ethiopians and the Eritreans who are prosecuting this war have used starvation as a weapon of war. They are trying to crush the Tigrayan population whom they loathe by any means possible. They attempted to invade the country in November 2020 but that didn’t work. The Tigrayans had to flee their capital but, after a few months, they reorganized and they pushed the Eritreans and the Ethiopians right out of most of Tigray.

    There are only some areas on the west and in the far north of Tigray which are still occupied. So the Ethiopians and the Eritreans have basically used starvation as a weapon of war. They’ve cut all communications links, they’ve prevented medical supplies from coming in and they prevented the trucks from rolling in either through the east or through the south. The people are starving.

    Unique Insights from 2,500+ Contributors in 90+ Countries

    How serious is the humanitarian situation?

    The situation is terrible. As always, it is always the very young and the very old who die first. The problem is that we have no absolute certainty about what is going on because the government of Ethiopia and of Eritrea have refused to allow any journalists to the frontlines even on the Ethiopian and Eritrean sides, let alone into Tigray itself. All communications are cut to Tigray, banking services are cut, there’s no way of paying for anything, all fuel supplies going in have been prevented. So Tigray is almost like a sealed-off area and nobody knows really what is going on but we do get to know some things from whispers, and the whispers are terrible.

    Why has this war attracted less attention than Russia’s invasion of Ukraine?

    If you prevent all international journalists from going in, there’s a news vacuum. How do you cover a story when nobody is allowed to be on the ground? Then, you can’t actually get the shots, film the mother with the dying baby or the grandparents unable to feed themselves or look after themselves. You do not get this information we’re getting now, day in, day out, from Ukraine.

    You’re getting nothing from Mekelle, the capital of Tigray, let alone the rest of the area, some of which is very remote. Most monasteries have been looted, women have been routinely raped, I mean literally routinely raped. Some of the testimony was so brutal it is truly some of the worst I have ever seen in my life.

    What is at the stake for Ethiopia and the Horn of Africa?

    Essentially, there are two views of Ethiopia. As per one view, Ethiopia is an imperial country, a single unitary country that was developed in the 19th century and should really essentially return to that. The Tigrayan have another view. They say that we are all ethnic groups, we must all have a federated system in which real power reverts to all of the ethnic areas. That is what the Tigrayans tried to do until 2018 when they lost power. They tried to create this federation sometimes successfully, sometimes unsuccessfully.

    Essentially, those are the two views of how Ethiopia should be run and it’s equally the way in which the whole Horn of Africa should be governed.

    Unique Insights from 2,500+ Contributors in 90+ Countries

    How can Ethiopian Prime Minister Abiy Ahmed resolve this war?

    My view is if he doesn’t really allow an alternative view of the way Ethiopia is run then it is unlikely that we will have a resolution of this conflict. That will mean that we’ll go back to war. We’ve already seen somewhere between 200,000 and 500,000 people killed and that’s before you take in the deaths of the Somalis who fought in this war, of the Eritreans, tens of thousands of whom have been thrown into the frontline, so I mean the death toll could be immense.

    And we don’t want to see any more of this suffering so we really do need some kind of resolution that addresses the political as well as the humanitarian issues.

    This transcript has been lightly edited for clarity.

    The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy. More

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    Will the Pakistani Prime Minister’s Campaign Slogan Be “Yes, We Khan”?

    Nikkei Asiadescribes Prime Minister Imran Khan’s initiative that will send voters to the polls as “paving the way for [the] South Asian nation’s first ‘foreign policy election.’” As everything having to do with politics in Pakistan is complex, though perhaps never as complex as it has become today, untangling the threads of this constitutional crisis will not be easy. Nikkei’s characterization of what is likely to follow as a “foreign policy election” is accurate, though whether there will be an election depends on a decision of the Supreme Court.

    Pakistan has perhaps the most complex history of any Asian nation. At this moment of global repositioning accelerated by the Russian invasion of Ukraine, things have become more complicated than ever. This is due to the fact that Pakistan has been part of a geopolitical game involving India, China and Russia while sharing a traditionally porous border with Afghanistan. At the same, this young Muslim nation has the reputation of being consistently aligned with the United States since its creation in 1947. The US was persistently and largely embarrassingly involved in Afghanistan for four decades until President Joe Biden decided to pull out of a two-decade military occupation last summer.

    When the political crisis reached its peak on Sunday and Khan succeeded in avoiding a non-confidence vote, perhaps the most astonishing comment came from Major General Babar Iftikhar, the head of the military’s public relations wing, whodeclared that the “Army has nothing to do with the political process.” This might surprise attentive observers of Pakistani politics who have long understood that the military has always been the force controlling all the nation’s political processes.

    Khan has succeeded thanks to what some call a ruse. He has defined the crux of the current crisis to be Pakistan’s relationship with the United States. It has never been a secret that the nation’s military, as Chief of the Army Staff General Kamar Bajwaexplained last week, shares “a long and excellent strategic relationship with the US which remains our largest export market.”

    Today’s Weekly Devil’s Dictionary definition:

    Strategic relationship:

    A term to describe the level of cooperation, collaboration and respect that exists between two nations, the quality of which can range from a bond of mutually acknowledged equality to the exploitation of a lord over a vassal.

    Contextual note

    Before the actual move to dissolve parliament on Sunday, the BBCprovided its description of the state of political play. “Imran Khan, elected in July 2018 vowing to tackle corruption and fix the economy, remains popular with some voters, even though a lot of his public support has been lost as a result of rocketing inflation and ballooning foreign debt.” Khan was clearly aware of the public’s dissatisfaction with economic trends and may have reasons to fear the results of a general election. But, to his credit, Khan has been more active than previous prime ministers in reining in corruption.

    However, Pakistanis are so inured to corruption, they don’t necessarily see it as a disqualifying criterion. In an earlier article, the BBCquoted a disappointed citizen encountered in a barber shop who had voted for Khan in 2018 but appears ready to favor Khan’s opponents. They are allied with the Bhuttos and Sharifs, two families that have previously dominated Pakistani politics and are reputed to be notoriously corrupt. The BBC interlocutor did not seem to care much about that and said, “They might be corrupt but at least they help poor people.”

    Still, the political stakes may not be just “the economy, stupid.” The BBC cites another customer of the same barber shop. “We have to endure this hard time,” he stoically proclaims. “Imran Khan has taken a stance and we should stand with him.” What may not have been quite as clear at the time of the BBC’s survey of barber shop opinion is that Khan was ready turn the debate into exactly what Nikkei Asia described: “the nation’s first ‘foreign policy election.’”

    If that is the case, it will be interesting to see how Pakistan’s military seeks to influence the outcome of the crisis. The new formulation of the army’s neutrality concerning political processes seems even more surprising when taking into account a defiant remark General Bajwa made in March, when he attempted to push Khan to resign. He justified his activism with these words: “Allah didn’t allow us to be neutral as only animals are neutral.”

    Although Bajwa insisted on the longstanding alliance with the US — highlighting the American market’s importance for the economy as a destination for Pakistani exports —  anotherremark he made helps to explain how Pakistan’s geopolitical positioning may be shifting. “I believe,” he declared, that “the world today is built by those who believe in cooperation, respect and equality, instead of division, war-mongering and dominance.” This raises the interesting question of whom the Pakistanis see as nations focused on “cooperation, respect and equality” and whom they identify as warmongers. Bajwa squarely identified Russia’s incursion into Ukraine as putting it on the evil side of the balance, which contrasts with Khan’s insistence on not taking sides on the Russia-Ukraine conflict.

    Khan has focused on the perception of the US, which he sees as promoting the very “division, war-mongering and dominance” General Bajwa vilifies. The prime minister has made two claims: that he has evidence of a US plot to overthrow his regime and that the Pakistani military has sent him “written threats to step down.”

    Historical note

    Stepping back to situate these events in a broader historical context can help to clarify the issues. Recently talk of a “new world order” has made its way into the headlines. This idea has come from two opposite directions: Xi Jinping’s China and Joe Biden’s America. Xi’s version of a new world order is explicitly multipolar. “The rules set by one or several countries,” Xiproclaimed last year, “should not be imposed on others, and the unilateralism of individual countries should not give the whole world a rhythm.”

    Biden’sversion sounds not only different from Xi’s, as we might expect, but is paradoxically identical with what most people recognize as the old world order. “Now is a time when things are shifting,” Biden declared a week ago. “We’re going to – there’s going to be a new world order out there, and we’ve got to lead it. And we’ve got to unite the rest of the free world in doing it.” Anyone with a sense of historical reality may find it difficult to see any deep semantic difference between Xi’s evocation of imposing rules on others and Biden’s idea that “we’ve got to lead it.” The “unilateralism” Xi disparages appears to be precisely what Biden’s champions by insisting that “we’ve got to lead it.”

    In January, The Financial Times summed up theconclusion reached by Xi and Putin in the definition of their newly solidified partnership, noting that “the Russian and Chinese leaders are united by a belief that the US is plotting to undermine and overthrow their governments.” That is the message Khan has put forward and which will likely dominate the eventual election campaign that will follow the dissolution of parliament. More significantly, the increasingly obvious US strategy that consists of avoiding or undermining peace talks between Ukraine and Russia makes it look as if the US is focused on two basic objectives: undermining every government in the world that doesn’t fall into line and turning NATO into the superstructure of a unilateral empire controlled financially and militarily from Washington.

    Instead of a new world order, if that is the strategy of the US, it is little more than a reinforced version of the old world order, more military than ever. The major obstacle, however, is that a traditional ally such as Pakistan or a more recent one like India, who though opposed amongst themselves, can no longer be counted on to toe the line.

    Khan is probably right about a US-led effort at regime change. That seems to be the first reflex of any US president’s foreign policy. It has rarely, if ever worked, but at the core of US culture is the resolution to always “try again.” A lot of ordinary people around the world have become aware of the futility of that pattern. The political elites are only just beginning to feel the pressure to change this worn out pattern.

    What that means is that we are witnessing essentially a new world disorder. What follows is anyone’s guess.

    *[In the age of Oscar Wilde and Mark Twain, another American wit, the journalist Ambrose Bierce, produced a series of satirical definitions of commonly used terms, throwing light on their hidden meanings in real discourse. Bierce eventually collected and published them as a book, The Devil’s Dictionary, in 1911. We have shamelessly appropriated his title in the interest of continuing his wholesome pedagogical effort to enlighten generations of readers of the news. Read more of The Fair Observer Devil’s Dictionary.]

    The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy. More

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    ‘I know how much it hurts’: Biden to release US oil in bid to lower gas prices – as it happened

    Key events

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    Closing summary

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    ‘Incontrovertible evidence that this [war] has been a strategic disaster for Russia’ – White House

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    Biden: Putin may be in ‘self-isolation’

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    Romney: $10bn ‘agreement in principle’ over Covid relief

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    Biden confirms draw on oil reserves to lower gas prices

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    Pelosi wants inquiry on Russia’s ‘crimes against children’

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    Oil prices plunge as Biden mulls 180m barrel release

    Live feed

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    Biden confirms draw on oil reserves to lower gas prices

    Joe Biden says his plan to release 1m barrels daily from the US strategic oil reserves will: “Ease the pain families are feeling right now, end this era of dependence and uncertainty and lay a new and new foundation for true and lasting American energy independence.”
    The president is speaking live at the White House to announce the move, which he said would last up to six months and which will represent the largest ever draw ever on the country’s emergency supplies.
    “I know how much it hurts,” he said of rising gas prices that have followed the decision by the Russian president Vladimir Putin to invade Ukraine.
    “Putin’s price hike is hitting Americans at the pump.” More