U.S. President Joe Biden and Speaker Kevin McCarthy have struck a tentative deal on Saturday to raise the US debt ceiling in an ‘agreement in principle’. If approved, it averts a looming default that will bring relief to nervous markets and bring a sense of relief to the global economy. This was the 79th time it’s been raised since 1960. The US has defaulted four times, the last 1971 when the U.S. left the Bretton Woods convention. Next step is … Continue reading “US Debt Ceiling Deal Done, What is In and Out, the Next Steps”
President Biden ‘Blame Game’ Targets US Oil Companies for Illegal Conduct
President Biden in his latest shift of finding blame and solutions for high oil prices on Wednesday sent a letter to the FTC to consider whether “illegal conduct” by large oil and gas companies is pushing up gasoline prices for American consumers. The F.T.C., does have the power to break up large industry players but in reality is unlikely to affect gasoline prices materially any time soon. The move was met with derision by almost anyone around the industry, from … Continue reading “President Biden ‘Blame Game’ Targets US Oil Companies for Illegal Conduct”