US to release oil reserves in attempt to lower prices

The US has said it is releasing 50 million barrels of oil from its reserves in an attempt to bring down soaring energy and petrol prices.

The move is being taken in parallel with other major oil-consuming nations, including China, India, Japan, South Korea, and the UK.
US President Joe Biden has repeatedly asked the Opec group of oil-producing nations to boost output more rapidly.
But Opec has stuck to an agreement to only increase production gradually.

It says it is concerned that a resurgence of coronavirus cases could drive down demand, as happened at the height of the pandemic.
Crude oil prices recently touched seven-year highs, amid a sharp uptick in global demand as economies recover from the c…
[03:28, 24/11/2021] Owusu Emmanuel@ Opemsuo: Bagbin benefiting from a position he didn’t work for – John Boadu
According to John Boadu, the general secretary of the ruling New Patriotic Party (NPP), Speaker of Parliament Alban Bagbin is a beneficiary of a position for which he never toiled, which explains some of his recent comments.

According to Boadu, the Speaker of Parliament’s recent remarks that he (Alban Bagbin) has “powers to remove the president but the president cannot remove him” are regrettable and useless.
“The Speaker, as we all know, is only benefiting from what he didn’t work for and, as a result, he has been passing comments that sometimes are strictly unnecessary. For instance, he passed a comment that he has the capacity to impeach or remove the president and the president cannot remove you [Alban Bagbin] …
“[It] is totally unnecessary because he forgets that, as a Speaker, he doesn’t even have a vote.
“So, on what basis is he saying that? Or he’s going to supervise a distorted proposal for impeachment or what? I think it’s time he recognises that he’s benefiting from something he didn’t work for,” Boadu said.
On the suspension road tolls, Boadu declared that although Parliament has sole responsibility to enact or suspend laws, the government also has a responsibility to institute administrative measures to curb any form of confusion and conflicts that will emerge as a result of government policies.
“With the removal of road tolls, I think strictly and technically speaking, it is Parliament that enacts and suspends laws, so nobody is lost to it,” he said.
“But in the interim, as we wait for Parliament, particularly when the government has put in a proposal of a reduction or zero-rated tolls, for instance, it is necessary for the government to put in administrative measures in order not to create confusion.
“Because, if the minister had not operationalised the non-collection of tolls at that time, there’ll have been a lot of confusion at our toll booths,” he said.

Source: Opemsuo.com/ Emmanuel Owusu Anti

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