Under the presidency of Joe Biden, the relationship with Saudi Arabia has deteriorated. On Sunday, Saudi Arabia announced that it would lead OPEC, the Organization of the Petroleum Exporting Countries, including Russia, to reduce production by over one million barrels per day beginning next month. The result would be higher gas prices in the U.S. will most likely lead to higher inflation.
President Joe Biden made several incorrect or outright false claims during his opening comments at Tuesday night’s State of the Union address. In his opening remarks, Biden made several exaggerated statements about the State of the economy, including that he had produced a record “12 million new jobs.”
In recent days, President Biden and senior White House officials have loudly celebrated the decline in gasoline prices, although other energy costs are anticipated to grow during the winter.
There is a more significant concern about the economy than ever before, and voters believe Republicans will be able to fix it. A recent New York Times and Siena College survey reveals that most Americans are anxious about the economy.
Following OPEC’s cut, Biden is releasing 10 million more barrels of oil from the US Strategic Petroleum Reserve.
In the U.S. services sector, business activity declined at the fastest since May 2020, signaling the economy may be in recession already. According to S&P Global Market Intelligence, its index of services activity registered 47.3 in July, down from 52.7 in June, but up from the earlier released ‘flash’ estimate of 47.0. Seasonally adjusted indexes had seen steep expansions earlier in the year before declining for the fourth consecutive time. S&P economist Chris Williamson stated …