Biden team is seeking ways to address rising energy prices

Business

Yahoo News 11 August, 2021 - 06:29am 52 views

National security adviser Jake Sullivan on Wednesday called on the Organization of the Petroleum Exporting Countries to move faster to restore global supply of petroleum to pre-pandemic levels, and the White House asked the Federal Trade Commission to investigate the domestic gasoline market for any anti-competitive behavior that could be increasing prices.

The joint actions come as the administration is increasingly sensitive to rising prices across the economy as it faces both political and policy pressure from inflation.

“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery," Sullivan said in a statement. He said the administration was pressuring OPEC and producers allied with the cartel to more quickly undo the production cuts put in place at the start of the pandemic.

“The production cuts made during the pandemic should be reversed as the global economy recovers in order to lower prices for consumers," Biden said Wednesday.

Biden's National Economic Council director, Brian Deese, asked the FTC head, Lina Khan, to “monitor the U.S. gasoline market and address any illegal conduct that might be contributing to price increases for consumers at the pump.” The FTC is an independent agency and may take advice, but not direction, from the White House.

Wednesday’s report from the Labor Department showed that consumer prices jumped 0.5% from June to July, down from the previous monthly increase of 0.9%. They have increased a substantial 5.4% compared with a year earlier, erasing much of the benefit to workers from higher pay.

Gas prices are up about a $1 from than a year ago as Americans hit peak summer driving season and return to roads after pandemic shut-ins. The White House says it's no cause for alarm, saying the country is “not at an historically high gas price moment" and that prices are roughly where they were in 2018, still Biden acknowledged they're high enough to “pinch” working families.

“I want to make sure that nothing stands in the way of oil price declines leading to lower gas prices for consumers,” Biden added.

Rising prices, both at the pump and across other consumer goods, have become a potent talking point among Biden's GOP critics. The White House has insisted that inflation will cool as the economy recovers from the twin shocks of the pandemic and the nation's ongoing recovery from the virus-induced lockdowns.

(Bloomberg) -- President Joe Biden cast himself as a champion of lower gasoline prices by urging foreign oil producers to boost output even as prices appear poised to fall.His public remarks Wednesday pleading with oil countries to reverse pandemic-era cutbacks built on a statement from National Security Adviser Jake Sullivan who said the White House wants OPEC+ to keep the price of crude oil in check.National Economic Council Director Brian Deese also Wednesday asked the Federal Trade Commissio

U.S. President Joe Biden's administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery. The request reflects the White House's willingness to engage major world oil producers for more supply to help industry and consumers, even as it seeks the mantle of global leadership in the fight against climate change and discourages drilling at home.

The Labor Department announced on Wednesday that its consumer price index rose 5.4 percent in the month of July over the same month in the previous year, indicating continuing high levels of inflation.

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One year after Rep. Cori Bush, D-Mo., won her historic primary race, the congresswoman and Black Lives Matter activist won a battle waged on the steps of the U.S. Capitol based on her own life experiences. Bush, a longtime community organizer in Ferguson, Missouri, galvanized a group of Democratic lawmakers in an overnight protest and camped outside the Capitol for five nights to draw attention to federal eviction moratorium and to compel her peers in Congress to understand an experience that for her, hit home. According to a December 2020 study by Princeton University's The Eviction Lab, eviction filings and eviction rates were significantly higher for Black renters than for white renters, while women -- particularly Black and Latino female renters -- and faced higher eviction rates than their male counterparts.

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Impatient with years of inaction in Washington on prescription drug costs, U.S. hospital groups, startups and nonprofits have started making their own medicines in a bid to combat stubbornly high prices and persistent shortages of drugs with little competition. Most groups are working on generics, while at least one is trying to develop brand-name drugs. “These companies are addressing different parts of the problem and trying to come up with novel solutions” to produce cheaper medicines, said Stacie Dusetzina, a Vanderbilt University health policy professor.

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Oil fell below $70 per barrel on Wednesday after Joe Biden put pressure on the Opec cartel to ramp up production in a bid to bring down energy prices.

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Read full article at Yahoo News

WATCH: Jen Psaki holds White House news briefing

PBS NewsHour 11 August, 2021 - 06:00pm

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President Joe Biden’s administration is moving at home and abroad to try to address concerns about rising energy prices slowing the nation’s recovery from the pandemic-induced recession.

National security adviser Jake Sullivan on Wednesday called on the Organization of the Petroleum Exporting Countries to move faster to restore global supply of petroleum to pre-pandemic levels as gas prices in the U.S. rise and the administration faces increasing pressure about inflation.

Speaking at the White House briefing Wednesday, press secretary Jen Psaki said the request to OPEC nations wasn’t one requiring “immediate response,” but rather it was meant as a “long term engagement… as we work to address not just anti-competitive behavior in the United States, but in the global marketplace as well.”

“We know that they have supply that’s available that can be accessed. And that’s what we’re really referring to here,” Psaki said.

Gas prices are up about a $1 from than a year ago as Americans hit peak summer driving season and return to roads after pandemic shut-ins.  Rising prices, both at the pump and across other consumer goods, have become a potent talking point among Biden’s GOP critics.

The press secretary also doubled down on the White House response to the deteriorating situation in Afghanistan as the Taliban continues to make rapid gains in the country.

President Joe Biden insisted Tuesday that the U.S. troop withdrawal will be complete at the end of the month as planned and there will be no other military action or support for the Afghan forces other that the limited airstrikes already going on. He said it is up to the Afghan forces to protect their country.

On Wednesday, Psaki reiterated that point. “The Afghan National Security Defense Forces have the equipment, numbers and training to fight back. They have what they need. What they need to determine is if they have the political will to fight back and if they have the ability to unite as a as leaders to fight back,” she said.

Psaki said the White House is “closely watching the deteriorating security conditions in parts of the country. But no particular outcome, in our view, is inevitable.”

By Alan Fram, Associated Press

By Christopher Rugaber, Associated Press

By Lisa Mascaro, Associated Press

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U.S. Asks OPEC+ to Pump More Oil

Bloomberg Markets and Finance 11 August, 2021 - 06:00pm

Biden team is seeking ways to address rising energy prices

CNBC 11 August, 2021 - 06:29am

(Bloomberg) -- President Joe Biden cast himself as a champion of lower gasoline prices by urging foreign oil producers to boost output even as prices appear poised to fall.His public remarks Wednesday pleading with oil countries to reverse pandemic-era cutbacks built on a statement from National Security Adviser Jake Sullivan who said the White House wants OPEC+ to keep the price of crude oil in check.National Economic Council Director Brian Deese also Wednesday asked the Federal Trade Commissio

U.S. President Joe Biden's administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery. The request reflects the White House's willingness to engage major world oil producers for more supply to help industry and consumers, even as it seeks the mantle of global leadership in the fight against climate change and discourages drilling at home.

The Labor Department announced on Wednesday that its consumer price index rose 5.4 percent in the month of July over the same month in the previous year, indicating continuing high levels of inflation.

Band also brought Robert Smith and Peter Hook onstage

The benefits of receiving a COVID-19 vaccine far outweigh the risks that have been identified, according to an updated analysis from the Centers for Disease Control and Prevention.

Medical experts have claimed that the video promotes a false narrative about fentanyl overdose

Texas' job market topped the country last month with Dallas and Austin both ranking in the top three best-performing U.S. labor markets, according to an analysis of federal employment data by the software company ThinkWhy.

One year after Rep. Cori Bush, D-Mo., won her historic primary race, the congresswoman and Black Lives Matter activist won a battle waged on the steps of the U.S. Capitol based on her own life experiences. Bush, a longtime community organizer in Ferguson, Missouri, galvanized a group of Democratic lawmakers in an overnight protest and camped outside the Capitol for five nights to draw attention to federal eviction moratorium and to compel her peers in Congress to understand an experience that for her, hit home. According to a December 2020 study by Princeton University's The Eviction Lab, eviction filings and eviction rates were significantly higher for Black renters than for white renters, while women -- particularly Black and Latino female renters -- and faced higher eviction rates than their male counterparts.

Guitarist Paul Jackson received the diagnosis just before the Southern rock band was set to take the stage in Jacksonville, Florida

Our priorities are backward. Children under 12 shouldn't have to mask up to protect themselves from eligible adults and teens who aren't vaccinated.

Although antibodies from having COVID-19 may provide some protection, health experts say nothing protects better than the vaccines.

Impatient with years of inaction in Washington on prescription drug costs, U.S. hospital groups, startups and nonprofits have started making their own medicines in a bid to combat stubbornly high prices and persistent shortages of drugs with little competition. Most groups are working on generics, while at least one is trying to develop brand-name drugs. “These companies are addressing different parts of the problem and trying to come up with novel solutions” to produce cheaper medicines, said Stacie Dusetzina, a Vanderbilt University health policy professor.

Marquis Davis, 28, told his wife that he wanted to get vaccinated before dying from COVID-19

Oil fell below $70 per barrel on Wednesday after Joe Biden put pressure on the Opec cartel to ramp up production in a bid to bring down energy prices.

It seems Thomas is unhappy in New Orleans, and Jacksonville has plenty of cap space if it wanted to make a play for him.

As safety Jamal Adams and tackle Duane Brown “hold-in” for the Seattle Seahawks amid contract disputes, quarterback Russell Wilson is apparently willing to offer some assistance. Via Bob Condotta and Adam Jude of the Seattle Times, Wilson has told the Seahawks he is willing to restructure his contract to help facilitate new deals for Adams [more]

Former Bears QB Jay Cutler joined Twitter back in June and finally sent out his first tweet on Monday. Fans couldn't be happier.

You'll never look at a beach read the same way.

Biden administration raises alarm on rising energy prices

The Independent 11 August, 2021 - 06:29am

National Security Adviser Jake Sullivan on Wednesday called on the Organization of the Petroleum Exporting Countries to move faster to restore global supply of petroleum to pre-pandemic levels, as the White House asked the Federal Trade Commission to investigate the domestic gasoline market for any anti-competitive behavior that could be increasing prices.

The joint actions Wednesday come as the Biden administration is increasingly sensitive to rising prices across the economy as it faces both political and policy pressure from inflation.

“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery," Sullivan said in a statement. He said the administration was pressuring OPEC and producers allied with the cartel, both in public and in private, to more swiftly undo the production cuts put in place at the start of the pandemic.

Meanwhile, National Economic Council director Brian Deese asked FTC Chair Lina Khan to “monitor the U.S. gasoline market and address any illegal conduct that might be contributing to price increases for consumers at the pump.” The FTC is an independent agency and may take advice, but not direction, from the White House.

Analysts are expecting the latest U.S. headline inflation rate, due Wednesday, to grow at an annualized rate of 5.3%. This is slightly lower than June’s 5.4% which was the highest in more than a decade.

Rising prices, both at the pump and across other consumer goods, have become a potent talking point among Biden's GOP critics. The White House has insisted that inflation will cool as the economy recovers from the twin shocks of the pandemic and the nation's ongoing recovery from the virus-induced lockdowns.

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