Biden's new inflation scapegoat: oil giants racking up profits amid record gas prices
CNN
In his latest attempt to stem raging inflation affecting almost every American, President Joe Biden has a new target -- oil giants that are banking high profits even as gasoline prices at the pump hit record levels.
Biden rebuked the wealthy sector after he announced a trip to Saudi Arabia, which he blasted as a "pariah" nation but is expected to ask to pump more oil to alleviate some of the pressure on Americans as inflation pummels his own approval ratings and the prospects of Democrats in midterm elections. His moves coincide with an expected aggressive interest rate hike by the Federal Reserve on Wednesday, which could help cool the overheating economy but is part of a strategy that also risks tipping it into a recession.
"At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable," the President wrote in a letter dated Tuesday to Marathon Petroleum, Valero Energy, ExxonMobil, Phillips 66, Chevron, BP and Shell.
Dolls, pencils, backyard chickens and ‘a piece of broccoli’: The Trump team’s awkward austerity talk
Amid the European debt crisis in the early 2010s, a Fox News pundit named Donald Trump warned about a backlash against leaders asking people to tighten their belts.
The longtime government contractor whose activity prompted the controversial search of a Washington Post reporter’s home acknowledged he mishandled classified information, prosecutors said, according to a court hearing transcript obtained by CNN.
President Donald Trump has been threatening to invoke the Insurrection Act for a very long time. Dating back to his first term, he has repeatedly floated the rarely invoked law, which gives a president extraordinary powers to dispatch the military to put down domestic unrest.
Haitian security forces on Wednesday bombed three houses belonging to top gang leader Jimmy “Barbecue” Cherizier, local outlet Gazette Haiti reported on Wednesday, after unverified footage showed a large explosion in the capital Port-au-Prince.
Depending on how the department chooses to implement the change, costs could range from $10 million to $125 million, the CBO said in a letter to two Democratic senators.
Tensions flare in Minneapolis after federal agent shoots and injures man who allegedly assaulted him
Law enforcement and demonstrators clashed last night near where a federal agent shot and injured a man after he allegedly assaulted the agent. The city is reeling over last week’s fatal shooting by an ICE agent of Renee Good sparked nationwide protests. Follow for live news updates.
President Donald Trump seems to be running out of ways to assure everyone that he’s dead-serious about taking over Greenland.
Three-quarters of Americans say they oppose the US attempting to take control of Greenland, according to a new CNN poll conducted by SSRS, indicating that President Donald Trump’s push to expand America’s territory faces stiff headwinds with the public.
As millions of Venezuelans wait to see what will become of their economically and politically ravaged country, a battle has emerged between two female leaders for control over the nation’s future – and for the American president’s favor.
The Trump administration is preparing to use private military contractors to protect oil and energy assets in Venezuela rather than deploying US troops, according to two sources familiar with the plans, setting up a potential boon for security firms with experience in the region and ties to the administration.
Senate Republicans blocked an effort to curb the Trump administration’s military action in Venezuela, a victory for the president who was incensed that some Republicans tried to tie his hands on a key foreign policy.
A federal three-judge panel on Wednesday allowed California to use a new voter-approved US House map that is designed to boost Democrats in the 2026 midterms.
Maria Corina Machado, the Venezuelan opposition leader and 2025 Nobel Peace Prize winner, arrives in Washington this week for high-stakes talks with US President Donald Trump on the future of Venezuela following the ouster of Nicolás Maduro. The meeting comes after Trump surprised many by allowing Maduro’s vice president, Delcy Rodríguez, to assume control, dashing opposition hopes for a new democratic era.