Business Highlights: Biden vs. Inflation, Oil Release

Business Highlights: Biden vs. Inflation, Oil Release

___ Fighting gas prices, US to release 50 million barrels of oil

Biden aims to do what presidents often can’t: Beat inflation WASHINGTON (AP) — LBJ tried jawboning. Richard Nixon issued a presidential edict. The Ford administration printed buttons exhorting Americans to “Whip Inflation Now.” Over the years, American presidents have tried, and mostly floundered, in their efforts to quell the economic and political menace of consumer inflation. Now, President Joe Biden is giving it a shot. Confronting a spike in consumer prices that’s bedeviling American households, Biden on Tuesday ordered the release of 50 million barrels of oil from the U.S strategic petroleum reserve. The move is intended to contain energy costs. It was just the latest step Biden has taken to show he is doing everything he can to combat inflation as gasoline and food prices, in particular, have imposed a growing burden. WASHINGTON (AP) — President Joe Biden is ordering a record 50 million barrels of oil released from America’s strategic reserve to help bring down energy costs. He said Tuesday he is acting in coordination with other major energy consuming nations, including China, India, and the United Kingdom. It will take time, he said from the White House, “but before long you should see the price of gas drop where you fill up your tank.” The action is aimed at global energy markets, and also to help Americans who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel. The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other events.

___ Jury holds pharmacies responsible for role in opioid crisis

CLEVELAND (AP) — A federal jury says CVS, Walgreens and Walmart pharmacies didn’t do enough to stop the flow of opioid pills into two Ohio counties. The verdict Tuesday could set the tone for U.S. city and county governments that want to hold pharmacies accountable for their roles in the opioid crisis. This is the first time pharmacy companies have completed a trial to defend themselves in a drug crisis that has killed a half-million Americans over the past two decades. Spokespeople for CVS, Walgreens and Walmart say the companies will appeal the verdict. ___ Apple suing Israeli hacker-for-hire company NSO Group

RICHMOND, Va. (AP) — Tech giant Apple is suing Israel’s NSO Group, seeking to block the world’s most infamous hacker-for-hire company from breaking into Apple’s products, like the iPhone. Apple said in a complaint filed Tuesday in federal court in California that NSO Group’s spyware, called Pegasus, had been used to attack a small number of Apple customers worldwide. It’s the latest blow to the hacking firm, which was recently blacklisted by the U.S. Commerce Department and is currently being sued by social media giant Facebook. NSO Group has broadly denied wrongdoing and said its products have been use by governments to prevent terrorism and crime. ___ Samsung expected to build $17B chip factory in Texas

The News Highlights

  • Business Highlights: Biden vs. Inflation, Oil Release
  • Check the latest update on business news
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Users can now call someone directly using Google Chat in Gmail
Users can now call someone directly using Google Chat in Gmail
To join a call, select the phone or video within the 1:1 chat. You should be able to see a banner of the person you’re on a call with while on a call. Also, ...
End of extra unemployment benefit and hiring companies |  The business
How NFTs Are Changing the Face of Encryption Trade Contests – Bitcoinist.com
How Do NFTs Help? So, what kinds of things are non-fungible? A great example would be something like baseball cards. While all baseball cards are the same ...
OCC urges caution for IFs with encryption services
OCC urges caution for IFs with encryption services
The speed of the pivot might give rise to at least some hesitancy within nascent industries such as cryptocurrencies. The OCC noted that the banking industry ...
Will Thailand become a 'crypto-positive' travel place?
Will Thailand become a ‘crypto-positive’ travel place?
To recoup some of this lost revenue, the Tourism Authority of Thailand (TAT) is seeking to entice the crypto wealthy to the country’s shores. TAT is working ...
In South Korea, the Samsung Galaxy Z Flip 3 is outperforming all other smartphones
In South Korea, the Samsung Galaxy Z Flip 3 is outperforming all other smartphones
Furthermore, Samsung now dominates the South Korean smartphone market with an 85% market share and looking at the quarter-by-quarter graph, it’s plain to see ...
Here’s Why Halo: MCC Looked So Good In The First Two Games
Here’s Why Halo: MCC Looked So Good In The First Two Games
Not only is Halo: The Master Chief Collection a large collection of Master Chief’s finest escapades, but it’s also a time capsule that highlights how far the ...
The Crypto King HUH Token forgoes other cryptocurrencies in the sandbox
The Crypto King HUH Token forgoes other cryptocurrencies in the sandbox
Cryptocurrencies are very volatile. As a result, their costs may fluctuate significantly without notice. Additionally, newer cryptocurrencies, such as ...
Currentgen exclusive Serious Sam 4 Surprise Released on Xbox Game Pass
Currentgen exclusive Serious Sam 4 Surprise Released on Xbox Game Pass
Another week, another surprise launch for the Xbox Game Pass! This time it’s Croteam and Devolver Digital’s Serious Sam 4. You play as the last remaining ...
Atlus is updating Steam with  hidden games ahead of the Game Awards
Atlus is updating Steam with hidden games ahead of the Game Awards
In preparation for The Game Awards, developer Atlus added unreleased games to the Steam page, suggesting that announcements may be made. Atlus currently ...
A Flintshire Facility Management Company Ensures A Valuable Investment
A Flintshire Facility Management Company Ensures A Valuable Investment
The business also provides property investment management, house build aftercare, rural and farming maintenance, and partnerships for local authorities as it ...
Show next
We will be happy to hear your thoughts

      Leave a reply

      Compsmag - Latest News In Tech and Business
      Logo