we barely produce 10% of the semiconductors excuse me. as we saw during the pandemic, the factories that make the chips shut down the global economy comes to a screeching halt driving up costs for families around the world. one third of the core inflation last year was due to the higher price for automobiles. for automobiles shortage of semiconductors. folks, we need to make the chips here in america to bring down every day costs and create jobs. don t take my word for it. listen to the business leaders. making decisions right now about where to invest and ramp up production. many are foreigners making
following negotiations, and a law on hold and and that s been a long time coming this is that aeration of the build back better vote and the democrats couldn t be their last, year just another version of it. here is what s in it, on health care the bill allows medicare to negotiate prescription drug prices, starting in 2023 which will lower costs for beneficiaries. wildly, medicare has been unable to do this simple things that other nations have been able to do to keep prescription drug costs lower. it also comes out of pocket prescription cost at $2,000 per year. on the climate, the bills that this had three engine and 69 billion dollars to increase energy security and fight climate change. the fans up the ramp up production of clean energy technologies, such as donor powerless and winter binds. the bill creates incentives for americans to buy energy efficient appliances,
this is america s newsroom. all right. today is the day. moments from now we ll be seeing president biden, he is set to depart for saudi arabia late yesterday the kingdom lifted its longstanding ban on israeli commercial flight towards normalization. bill: the real objective of the trip. convincing the world s largest exporter of oil is ramp up production and reestablish things with this administration. we watch a beautiful air force one head down the runway, complicating all of this, remarks from then candidate biden back in 2020. president biden: i would make it very clear we are not going to sell more weapons to them. we were going to make them pay the price and make them the pariah that they are. there is very little social redeeming value of the in the present government in saudi arabia. one of the president s first acts in the white house was
about luck and the communication challenge that the fed chases is so critical. they have to be seen to do this credibly, and aggressively by not only the, markets but the public is. well clare, i want to ask you about germany, because it relies heavily on russian energy. it has announced that it is going to limit its use of gas, and at the same time ramp up production at its own coal power stations. yeah, significant move from germany. the backdrop to this is that last week russia reduced the flow of gas through the nord stream 2 pipeline, a critical artery bringing gas to germany via the baltics sea by about 60%. now this put under a lot of strain. germany is already under a lot of at the same time refilling its storage at a rapid rate to avoid any shortages this winter. the sled economy minister and also the vice chancellor to announce a couple of measures. one, that they would be firing
and peter doocy pressed the white house on it yesterday. press secretary said inflation is a global issue and doesn t solely impact the u.s. to which peter followed up asking again why the president is urging oil companies and gas companies to drill more domestically given that he is already pressing them to refine more oil and ramp up production. we need them to actually refine the crude oil which is not happening. and that s what we are calling on oil companies. why not drill more in the u.s. though. because we don t need to do that. exxon mobil fired back at biden after he failed to use emergency powers in that letter he wrote earlier this week the president accused producers of taking advantage of the war in ukraine and exxon mobil wrote back. exxon mobil has been investing more than any other companies to develop u.s. oil and gas supplies. globally invested double over what we have learned in the last five years. kept investing even during the pandemic. government can invo