Time up oil5/7/2023 ![]() ![]() As a result of the strong recovery in the United States, Americans have nearly $100 more per month in disposable income in their pockets this year, even as COVID has continued to complicate the economic recovery around the world.Įven so, American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic. But here in the United States, the economic recovery is stronger and faster than anywhere else in the world – according to the Organization for Economic Co-operation and Development, the US is the only one of the major economies to have returned to pre-pandemic gross domestic product levels – in large part due to President Biden’s American Rescue Plan, which funded and facilitated a nationwide vaccination program, provided resources to schools and small businesses to keep them open in the face of COVID waves and put money in the pockets of those hit hardest by the pandemic. As the world is re-opening from a near economic standstill, countries across the globe are grappling with the challenges that arise as consumer demand for goods outpaces supply. Over the last 18 months, the COVID-19 pandemic forced an unprecedented global economic shutdown. Get Involved Show submenu for “Get Involved””Īnnouncement is in parallel with other major energy consuming nations, including China, India, Japan, Republic of Korea, and the United Kingdom.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.Administration Show submenu for “Administration””.The owner of the tanker said anyone affected by the spill could seek compensation.įinancial help can't come fast enough for many of the fishermen, who would normally turn their hands to picking bananas or coconuts to supplement their incomes. Several countries, including the United States, Japan and South Korea, are helping the Philippines respond to the disaster. The Philippine Coast Guard said the vessel's insurers were looking for experts to patch the leaks and remove the oil. The passage is near the top of the Coral Triangle, an area of water spanning down to Indonesia, Papua New Guinea and East Timor that is called the "Amazon of the Seas" because of its rich marine life. Some oil has also drifted north to the Verde Island Passage, between Mindoro and the Philippines' main island of Luzon. Oil has been found as far away as the western island of Palawan, more than 350 kilometres (220 miles) from where the tanker went down. Rough seas initially delayed the deployment of floating barriers to contain the spill. Of those, four are already empty.Ībout 60 percent of the oil has spilled into the sea, Philippine Coast Guard spokesman Armando Balilo told AFP. Seven out of eight cargo tanks have leaked. It had suffered "extensive structural damage" after sinking on February 28, the Philippine Coast Guard said. ![]() The Princess Empress was found last week by a Japanese remotely operated underwater vehicle, at a depth of nearly 400 metres (1,300 feet). this will have a significant impact," Rodriguez told AFP. "If (the oil) is not removed properly and not treated properly. This time, she hoped "it can be contained as soon as possible". Rodriguez said 500,000 litres of oil leaked into the sea in that incident. One of the worst spills in the Philippines was in 2006, when a tanker carrying two million litres of oil sank off the central island of Guimaras. It will take at least six months to clean up the spill but the recovery could be years long, said Irene Rodriguez, an associate professor at the University of the Philippines Marine Science Institute. Mangroves can suffocate if oil covers their roots, while corals - breeding grounds for many fish species - can die or struggle to grow and reproduce if exposed. ![]()
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