Oil Crisis Reaches Tipping Point as Biden Admin Refuses to Restart Production; Recession Goes Global

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As the oil crisis reaches a tipping point, the Biden administration is refusing to renew domestic oil production. White House press secretary Karine Jean-Pierre is claiming the responsibility falls on oil companies, and oil companies have pointed to Biden’s policies and campaign promise to destroy the oil industry.

Meanwhile, after the Federal Reserve raised interest rates in the United States by 0.75 percent, global central banks have likewise begun raising interest rates. The Fed is also hinting at additional increases, and markets are bracing the impact. The moves are setting the stage for a global recession.