Biden calls on oil companies to boost production: President Biden today sent letters to the heads of U.S. oil companies urging them to increase production to help bring down the price of gasoline and diesel fuel. He called upon them to work with his administration to develop quick solutions to bring down costs at the pump that have figured dramatically in increased inflation. Biden also pointed out that oil companies have reported first quarter profits that are triple what they were a year ago, the highest profits the industry ever recorded.
Baptists elect Barber: The Southern Baptist Convention, meeting in Anaheim, California, has elected a pastor from Texas, Bart Barber, to be the Protestant organization”™s new president. Barber is a staunch conservative who believes women should not be allowed to serve as pastors. He said he”™d welcome the Supreme Court overturning Roe v. Wade.
Midwest heat wave continues: A heat wave in the Midwest is expected to continue today, affecting as many as 100 million people. Temperatures in Chicago and other places were around 105 degrees yesterday. The weather bureau issued temperature warnings covering areas from Wisconsin all the way to the Florida panhandle.
NATO defense ministers meet: NATO defense ministers began a two-day meeting in Brussels today. They”™re discussing providing new military supplies to Ukraine. They”™re also expected to start discussing the applications by Sweden and Finland to join NATO.
Mortgage rates go up: Bankrate reported this morning that in anticipation of the Federal Reserve today raising interest rates by three-quarters of a percent, mortgage rates have gone up. Bankrate reported a 30-year fixed refinance rate of 5.99%, a 15-year fixed refinance rate of5.16%, and a 10-year fixed refinance rate of : 5.16%. New 30-year fixed rate mortgages were 5.88%.
Crypto loses value: The selloff in cryptocurrency continues, with the price of Bitcoin dropping close to $20,000, about a 70% drop from where it was less than a year ago. The cryptocurrency firm Celsius has been reported to be blocking customers from taking money out of their accounts, according to the financial network CNBC.
Photo courtesy of the White House
