Pres. Biden: Gas prices are squeezing family budgets. US to sell 15M barrels from SPR

Pres. Biden confirms the selling of 15 million additional barrels from the SPR. This is expected

• The SPR is more than 1/2 full
• SPR is more than enough to account for emergencies
• Extra oil can be made available for sale.
• US is producing 12 million barrels per oil per day
• US is on track for record oil production 2023
• US will purchase oil prices at $70 per barrel going forward (I thought the price was $80 in the past). There is some confusion if the floor is $70 or $72.
• Says the bid at $70 puts a floor for oil producers to encourage them to drill for more oi isl
• Gas prices at the pump should be lower
• US consumers should be spending $0.60 per gallon lower.

The price of crude oil is trading up $2.42 or 2.92% at $85.32

/inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term