so the biden administration is planning to once again dip into the emergency oil stockpile. in the next few days president biden is expected to release an additional 14 million barrels of oil from the strategic petroleum reserve. it comes in the wake of opec s big cut to oil production. matt egan is tracking this. and matt, what do you see here? wool we re seeing a tug-of-war between the white house and opec. opec taking supply off the market to drive prices up. and the biden administration responding by adding supply and in hoping of lowering prices. now two sources familiar with the matter telling our colleague phil mattingly that in the coming days the broiden administration is announcing the sale of 14 million barrels of oil from the strategic petroleum reserve. this is part of that 180 million
have been at the heart of this historic period of inflation americans are dealing with. so that s why it s a big deal that energy prices are starting to cool off. let s start with prices at the pump. the national average is at $3.35 a gallon. that is still high, but it s moving in the right direction. it s at a seven-week low. this trend began after rumors swirled on wall street that the white house was planning to release viles from the emergency oil stockpile. by the time that break the glass moment happened, oil prices were down by 10% from their highs. and that has translated to lower prices at the pump, which move with the lag to oil. now the white house is taking some credit here. a person familiar with the white house s thinking told me that lower prices at the pump are good news and that they are due in part, at least in part due to the president s actions, but the other big factor here is covid because omicron fears really sent oil prices crashing after
thank you. mike: thank you. as skyrocketing inflation grips the nation and a supply chain crisis threatens many holiday plans, president biden is spending his thanksgiving at the home of a billionaire a move not going over well with many americans. jacqui heinrich reports tonight from nantucket, massachusetts. good evening, jacqui. good evening to you, mike. president biden is not the first president to spend a holiday at a wealthy friend s house. forminger president bill clinton spent time with the democratic donor on martha s vineyard and former president trump often spent his holidays at his own luxury hotel it is the state of the economy that is firing up biden critics. it wouldn t matter if he were having dinner with a billionaire if things were humming. but never are not humming. critics say with the economy in a tough place, the president s thanksgiving stay at a billionaire friend s nantucket compound shows he is out of touch with the problems facing working class ame
a billionaire s nantucket house but when that firm has all sorts of government interests right now. jackie heinrich is live in nantucket at this hour. critics are all over this one. the same day president biden tapped the nation s emergency oil stockpile to mitigate the crippling energy prices amid the soaring inflation he bordered air force one to head to nantucket to stay at a billionaire friend s compound. they were invited to spend thanksgiving here estimated to be worth more than $30 million and complete with several outbuildings and tennis court. the white house didn t say why biden chose to stay with ruebenstein except he has done it before. the luxurious day shows he is out of touch with problems facing working class americans.
rate keeps going down. 42% of americans approve of his job now. that s the lowest. fuelling the drop, the handling of the economy. americans said inflation worries them the most. the president is in nantucket at a multimillion dollar compound. hi, jackie. good to see you. the president s critics say his stay at a billionaire friend s nantucket compound with the economy in a tough plays shows that he s out of touch with the problems that are facing working class americans. the same day that the president tapped the nation s emergency oil stockpile to mitigation soaring prices, he headed to nantucket to the $30 million estate owned by david rubenstein. american time, the american farm bureau federation said the average cost of ten people