Today, the White House announced that President Biden is ordering the nation’s strategic oil reserve to release one million barrels of oil a day for the next six months.
This is to keep in check the price of oil in the marketplace, which has seen a steep rise in price in the wake of international sanctions placed on Russia after its invasion of Ukraine.
President Biden is also calling on Congress to impose penalties on energy producers that are leasing federal lands, but not producing oil and gas from them.
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The Commerce Department announced today that the U.S. inflation rate jumped six-point-four percent compared to one year ago.
This is the largest year-on-year increase in 40 years.
Core Inflation, which excludes food and gas prices, jumped 5.4%.
Inflation in the US is being driven by supply-chain bottlenecks, federal stimulus money, and the rising price of oil.
This month, The Federal Reserve has raised its short-term interest rate a quarter-of-a-point.
JP Morgan Bank expects the Fed to more aggressively raise rates in May and June.
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Fox News Channel announced today that it has hired Caitlyn Jenner to be a Contributor offering commentary and analysis across its media platforms.
The former Olympic gold medal winner, TV star, conservative politician, and transgender icon joins Sean Hannity on his program for the first time today.
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Turkey’s prosecutor in the case against 26 Saudis charged with the murder of journalist Jamal Kashoggi is requesting that the trial be moved to Saudi Arabia.
He claims that the arrest warrants cannot be executed and defense statements cannot be taken in Turkey.
Turkey has been looking to improve its relations with Saudi Arabia.
Amnesty International says Turkey should continue with the trial and that, “A murder cannot be covered up to fix relations”
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Russian President Vladimir Putin formally declared today that countries buying its natural gas would now need to pay in rubles, but said dollars and euro payments may also be made to buy its gas through designated banks, causing confusion about the order.
Putin’s declaration also generated an outright rejection by the G7 group of countries, which includes Germany and Italy, major buyers of Russian gas.
Mark Gilchirst, Columbia Radio News