U.S. to release 50 million barrels of oil from reserve to alleviate energy costs
The move is aimed at global energy markets, but also aimed at voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel.
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Inflation a major issue facing the Biden administration
Inflation, now running at more than 6%, is the number one concern for many Americans as prices rise, from the gas pumps to the grocery shelves. It’s also a looming threat to President Joe Biden’s administration. A complex mix of…
WATCH: Biden talks gas prices as he pushes domestic agenda
Fresh off back to back Senate victories on both his infrastructure plan and budget blueprint, Biden pitched his domestic agenda, insisting they're already "working" to deliver for the American people.
Average US price of gas jumps 8 cents per gallon to $3.10
The highest average price in the nation right now is $4.23 a gallon in the San Francisco Bay Area. The lowest average is $2.53 in Houston.
Georgia-based Colonial Pipeline says the gas is flowing again but it could take days before it's totally back to normal. A cybersecurity attack forced a temporary shutdown and panic-buying that drained supplies.
Oil traders therefore have much reason to be nervous. But they aren’t.
Protesters angered by Iran raising government-set gasoline prices by 50% blocked traffic in major cities and occasionally clashed with police Saturday after a night of demonstrations punctuated by gunfire, in violence that reportedly killed at least one person.
Retail sales dropped in September by the largest amount in seven months, possibly signaling that rising trade tensions and turbulent markets are having an impact on consumer spending.
Despite lower prices at the gas pump -- welcome news for the millions of travelers hitting the road during the holiday season -- the drop is unlikely to be a net gain for the U.S. economy.
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