{"id":26811,"date":"2022-03-02T09:23:11","date_gmt":"2022-03-02T03:53:11","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biden-sotu-oil-prices\/"},"modified":"2022-03-02T09:23:11","modified_gmt":"2022-03-02T03:53:11","slug":"biden-sotu-oil-prices","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biden-sotu-oil-prices\/","title":{"rendered":"Biden announces release of 30 mn barrels of oil to maintain global oil prices"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4044021150\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Washington, Mar 2 (PTI) US President Joe Biden announced that his administration has worked with 30 other countries to release millions of barrels of oil from American strategic reserves to maintain the global oil prices in the midst of a Russian invasion of Ukraine.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3340407394\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> In his maiden State of the Union Address on Tuesday, Biden said his administration was taking \u201crobust action\u201d to make sure the pain of the US sanctions is targeted at Russia\u2019s economy.<\/p>\n<p> He vowed that his administration will use every tool at its disposal to protect American businesses and consumers.<\/p>\n<p> \u201cTo all Americans, I will be honest with you, as I\u2019ve always promised. A Russian dictator, invading a foreign country, has costs around the world,\u201d Biden said.<\/p><div class=\"trade-content_5\" id=\"trade-1749908128\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> \u201cTonight, I can announce that the United States has worked with 30 other countries to release 60 million barrels of oil from reserves around the world. America will lead that effort, releasing 30 million barrels from our own Strategic Petroleum Reserve. And we stand ready to do more if necessary, unified with our allies,\u201d Biden said.<\/p>\n<p> \u201cThese steps will help blunt gas prices here at home. And I know the news about what\u2019s happening can seem alarming. But I want you to know that we are going to be okay,\u201d he said, assuring his countrymen that he would ensure that inflation remains under control.<\/p>\n<p> Biden said his plan to fight inflation will lower the costs and lower the deficit.<\/p>\n<p> The US president said 17 Nobel laureates in economics say his plan will ease long-term inflationary pressures and top business leaders and most Americans support his plan.<\/p>\n<p> Biden said that he is the only president ever to cut the deficit by more than one trillion dollars in a single year.<\/p>\n<p> \u201cLowering your costs also means demanding more competition. I\u2019m a capitalist, but capitalism without competition isn\u2019t capitalism. It\u2019s exploitation\u2014and it drives up prices,\u201d he said.<\/p><div class=\"trade-content-10\" id=\"trade-4170040219\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> \u201cWhen corporations don\u2019t have to compete, their profits go up, your prices go up, and small businesses and family farmers and ranchers go under. We see it happening with ocean carriers moving goods in and out of America. During the pandemic, these foreign-owned companies raised prices by as much as 1,000% and made record profits,\u201d he added.<\/p>\n<p> Biden announced a crackdown on these companies overcharging American businesses and consumers.<\/p>\n<p> As Wall Street firms take over more nursing homes, quality in those homes has gone down and costs have gone up, he said, adding, \u201cthat ends on my watch\u201d \t \u201cMedicare is going to set higher standards for nursing homes and make sure your loved ones get the care they deserve and expect. We\u2019ll also cut costs and keep the economy going strong by giving workers a fair shot, provide more training and apprenticeships, and hire them based on their skills, not degrees,\u201d he said.<\/p>\n<p> Biden urged the Congress to pass the Paycheck Fairness Act and paid leave. \u201cRaise the minimum wage to USD 15 an hour and extend the Child Tax Credit, so no one has to raise a family in poverty,\u201d he said.<\/p>\n<p> \u201cLet\u2019s increase Pell Grants and increase our historic support of HBCUs, and invest in what Jill\u2014our First Lady who teaches full-time\u2014calls America\u2019s best-kept secret: community colleges. And let\u2019s pass the PRO Act when a majority of workers want to form a union\u2014they shouldn\u2019t be stopped,\u201d he said.<\/p>\n<p> Biden urged the lawmakers to make sure corporations and the wealthiest Americans start paying their fair share.<\/p>\n<p> \u201cJust last year, 55 Fortune, 500 corporations earned $40 billion in profits and paid zero dollars in federal income tax. That\u2019s simply not fair. That\u2019s why I\u2019ve proposed a 15 per cent minimum tax rate for corporations,\u201d he said.<\/p>\n<p> \u201cWe got more than 130 countries to agree on a global minimum tax rate so companies can\u2019t get out of paying their taxes at home by shipping jobs and factories overseas. That\u2019s why I\u2019ve proposed closing loopholes so the very wealthy don\u2019t pay a lower tax rate than a teacher or a firefighter,\u201d said the president. PTI LKJ MRJ AKJ  MRJ<\/p>\n<div class=\"trade-after-content\" id=\"trade-3945926773\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Washington, Mar 2 (PTI) US President Joe Biden announced that his administration has worked with 30 other countries to release millions of barrels of oil from American strategic reserves to maintain the global oil prices in the midst of a Russian invasion of Ukraine. In his maiden State of the Union Address on Tuesday, Biden [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-26811","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Biden announces release of 30 mn barrels of oil to maintain global oil prices - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biden-sotu-oil-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biden announces release of 30 mn barrels of oil to maintain global oil prices\" \/>\n<meta property=\"og:description\" content=\"Washington, Mar 2 (PTI) US President Joe Biden announced that his administration has worked with 30 other countries to release millions of barrels of oil from American strategic reserves to maintain the global oil prices in the midst of a Russian invasion of Ukraine. 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