President Biden on Thursday ordered a historic release from the Strategic Petroleum Reserve in an effort to curb gas prices.
Driving the news: Biden is ordering the release an average of 1 million barrels per day for the next six months, which senior administration officials say will "shore up global supplies."
Despite two failed attempts to free it this week, a sister container ship to the Ever Given that got stuck in the Suez Canal last year has been lodged in the Chesapeake Bay for 21 days — and now cargo holders have to pay to help free it.
Why it matters: The Ever Forward (yes, bask in the irony) is the largest ship to get stuck in the Chesapeake Bay and it’s carrying 5,000 containers of … stuff.
Two White House initiatives unveiled on Thursday show how President Biden is struggling to navigate an oil supply crunch without letting his clean energy goals blow even further off-course.
Catch up fast: Biden announced the release of up to 180 million barrels of oil from the Strategic Petroleum Reserve and urged U.S. producers to speed up tepid production growth, too.
The National Highway Traffic Safety Administration (NHTSA) on Friday said it was raising fuel economy requirements, reversing a rollback by former President Trump.
Driving the news: The new standards will increase fuel efficiency requirements by 8% annually for model years 2024 and 2025 and 10% annually for model year 2026, according to the new rules.
