Deep Dive (Nov. 23): Biden Announces Release of 50 Million Barrels of Reserve Oil

President Joe Biden is announcing the release of 50 million barrels of oil from a strategic reserve to battle high gas prices. A White House release says it’s part of a group effort involving China, India, Japan, South Korea, and the United Kingdom. That’s because the price of oil is determined on a global market and is based on supply and demand.

The Navy is helping with the supply chain backlog in California. It has partnered with the Oxnard Harbor District to help decrease congestion at Port Hueneme. A standing joint use agreement allows the Navy to support commercial supply chain logistics when activated. The agreement was activated in November to help reduce shipping congestion at Los Angeles county’s major ports, as tangled supply chains have boosted costs and limited the availability of everything from automobiles to clothing to toys. This comes as 15 Republican governors launched Operation Open Road in an effort to ease supply chain woes. Tennessee Gov. Bill Lee is leading the initiative. He said in a statement, “We call on the Biden Administration to join us in Operation Open Road by suspending burdensome regulations on the trucking industry and therefore ensuring small businesses and American consumers have access to the goods they need this holiday season.”

One of America’s biggest retailers is making a big announcement ahead of Thanksgiving. Target set to close all stores on Thanksgiving Day going forward. Walmart, Kohl’s, and Best Buy will also be closed on turkey day this year. Some states have even banned big-box stores from opening on Thanksgiving. A few big chains will be open, like Whole Foods, Kroger, and Dollar General. Hours may be limited.

Tune into Deep Dive as we explore these topics and more.

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