In North Dakota, as for the rest of the country, it’s not really clear what happens next. Much will depend on how the Federal Reserve continues to manage the economy; even more will depend on how quickly inflation continues to rise.
Despite the second straight weekly decline reported by the Labor Department on Thursday, claims are hovering near a five-month high. There have been job cuts in sectors like technology and housing amid fears of a recession as the Federal Reserve aggressively tightens monetary policy to quell price pressures.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.
All one has to do is watch the rising commodities market regarding oil, natural gas, fuel, wheat, corn and soybeans. It foretells what will be a continuing rise in grocery bills and transportation costs.
Biden's plan to unveil a package to spur recovery in Latin America, help stem immigration and counter China's growing regional economic clout has been marred by Washington's decision to exclude Cuba, Venezuela and Nicaragua from the summit.
June 08, 2022 06:48 AM
By Dave Graham, Matt Spetalnick and Daina Beth Solomon / Reuters