The Fed and White House combine for a day that cuts to the heart of Biden’s political problem

CNN — On Wednesday, two Washington power centers will expose the politically toxic dynamics of the top economic issue threatening President Joe Biden’s congressional majorities with the midterm elections less than a week away. The Fed is likely to trigger another historic interest rate hike and, about half a mile from the White House, Biden … Read more

Opinion: Inflation has driven US politics before

Editor’s note: Meg Jacobs teaches history at Princeton University. Follow her on Twitter @MegJacobs100. The opinions expressed in this commentary are his own. Lily more reviews on CNN. CNN — President Joe Biden is accused of playing politics with oil. His opponents say the reason he releases millions of barrels of oil from the strategic … Read more

America and Saudi Arabia are locked in a bitter battle over oil. The stakes are massive

New York CNN Business — The relationship between the United States and Saudi Arabia is one of the most important on the planet. And lately, it’s also one of the most troublesome. Angry officials in Washington have vowed ‘consequences’ after Saudi-led OPEC sharply cut oil production earlier this month, driving up prices at the pump … Read more

America’s emergency oil stockpile is at a 38-year low but it’s still got firepower left

New York CNN Business — Presidents don’t have a magic wand to make inflation go away. But they have a powerful tool that can help ease the pain of high gas prices: the strategic petroleum reserve. More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to bring … Read more

5 things to know for October 19: Midterms, Trump, Ukraine, Gas prices, US currency

CNN — It’s that time of year when fall enthusiasts embrace “sweater time.” But if you live in the eastern United States, you might already be wearing your winter coats. This week was – by far – the coldest of the season in several states. In fact, more than 100 million Americans remain under freeze … Read more

Saudis aren’t weaponizing oil like Americans claim, top official says

CNN — Saudi Minister of State for Foreign Affairs Adel al-Jubeir said his country had partnered with Russia to cut oil production to stabilize markets and denied there were political motives behind the move, which angered US leaders and sparked calls to rethink ties with Riyadh. . “We’re trying to make sure we don’t have … Read more

Fury at Saudi Arabia revives calls for US to throw the book at OPEC

New York CNN Business — OPEC+’s decision to cut oil production has sparked bipartisan fury in Washington directed at the Saudi-led group, prompting calls for a hard-hitting US response. Minutes after the OPEC+ announcement, the White House warned it would “consult with Congress on additional tools and authorities” designed to curb OPEC’s “control” over energy … Read more

OPEC announces big cut in oil production despite US pressure

London CNN Business — OPEC+ said on Wednesday it would cut oil production by 2 million barrels a day, the biggest cut since the start of the pandemic, in a move that threatens to push up gasoline prices in just weeks ahead of the US midterm elections. The group of major oil producers, which includes … Read more

US Rep. Ro Khanna slams Saudi Arabia as ‘third-rate power’ as OPEC considers slashing oil output

CNN Business — US Representative Ro Khanna is calling on the White House to retaliate against Saudi Arabia if OPEC and its allies cut oil production in a bid to drive up prices. “It’s beyond pale,” the California Democrat told CNN in a phone interview Monday. “They are actively defrauding the American people and destabilizing … Read more

US natural gas prices spike to 14-year high. Here’s why

New York CNN Business — U.S. natural gas prices have soared to levels not seen since 2008, a spike that threatens to undo the benefits of lower gas pump prices. Natural gas futures jumped 7% on Tuesday to close at $9.33 per million British thermal units (BTU), the highest closing price since August 1, 2008. … Read more