Two days ago, U.S. president Joe Biden was criticized for claiming inflation in America hasn’t increased during the past few months. “I’m telling the American people that we’re going to get control of inflation,” Biden stressed during his “60 Minutes” interview that aired on Sunday night. Amid Biden’s claims, ahead of the next Federal Reserve meeting on Wednesday, the U.S. Dollar Index (DXY) crept up to the 110.776 region. Meanwhile, a recent report published by CCP-backed Global Times is pressing for de-dollarization as the U.S. dollar’s rise “might be the beginning of another nightmare” for “many countries in the world.”
Biden Highlights That US Gas Prices Are Back to March Levels After His Administration Drained the US Strategic Petroleum Reserve by 190 Million Barrels
Inflation has been awful in the United States but U.S. president Joe Biden has told the American people it will be tamed. His commentary during a “60 Minutes” interview was aired a few days before the Federal Reserve meets to hike the benchmark interest rate by 75 or 100 basis points (bps).
Biden took a lot of flak from economists and market strategists after he noted that he believes the country’s inflation rate hasn’t spiked for months. Furthermore, the U.S. president has been taking pride in the fact that America’s gas prices have dipped.
“Folks, gas prices are now back to levels they were at in early March,” Biden tweeted on Tuesday. “That means nearly all of the increases since the beginning of Russia’s war in Ukraine have been wiped out.”
However, the Biden administration hasn’t really explained why gas prices have dropped amid the Ukraine-Russia war and the highest inflation in 40 years. The U.S. president has failed to mention that petroleum prices in the U.S. have dropped because he’s been tapping into the U.S. Strategic Petroleum Reserve (SPR). While Biden mentions gas prices are back to levels they were at in early March, he forgets to mention that the administration started draining the SPR on March 31, 2022.
In fact, the SPR is at its “lowest level since 1984,” according to various reports published nationwide. The Ukraine-Russia war is still ongoing and Europe is still dealing with a…
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