The hearing comes as President Joe Biden has ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its invasion of Ukraine. 

Last year, shoppers paid roughly 6% more for their groceries than the year before. But it’s the cost of meat in particular that is behind much of the rise in our grocery bills. Beef is now some 20% more expensive than it was, while pork is up 14% and chicken around 7%, according to the Bureau of Labor Statistics.

The plan calls for offering residents 50,000 prepaid cards that will cover $150 worth of gas as well as 100,000 passes that will cover $50 worth of CTA fares. 

The White House said Biden is also calling on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing. And he intends to invoke the Defense Production Act to encourage the mining of critical minerals for batteries in electric vehicles, part of a broader push to shift toward cleaner energy sources and reduce the use of fossil fuels.

President Joe Biden has moved to ease price pressures through opening oil reserves. Some governors, including Wisconsin Gov. Tony Evers, have called on the federal government to temporarily lift its tax on gasoline, though Illinois’ Gov. J.B. Pritzker was not a signatory to a letter making that request.

“Budgets are statements of values,” President Biden said in a statement, “and the budget I am releasing today sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America.”

Mayor Lori Lightfoot does not expect to pick one of the three finalists and ask the Chicago City Council to ratify her decision until early summer, a significant delay since the fall, officials said.

The wilder action was in oil and Asian stock markets, where tightened anti-COVID measures in China are raising worries about demand for energy and about disruptions to manufacturing and global trade. Oil prices tumbled more than 8%, taking some pressure off the world’s high inflation, and a barrel of U.S. crude fell below $95 after starting the week above $109. 

Although the United States barely uses Russian oil, Russia’s invasion of Ukraine is still a big factor in the gas-price spike — among other reasons.

While the increase in the cost at the pump — or in the check-out line — impacts everyone, those who were already operating on a tight budget may be feeling the impact most acutely.

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the new price exceeds by 32 cents the prior all-time high of $4.11 set in July 2008. But that’s still quite a ways from the inflation-adjusted record high of about $5.24 per gallon.

Stripping most favored nation status from Russia would allow the U.S. and allies to impose higher tariffs on some Russian imports, increasing the isolation of the Russian economy.

Such swings have become common in recent weeks, not only day-to-day but hour-to-hour, after Russia’s invasion of Ukraine raised worries about how high prices will go for oil, wheat and other commodities produced in the region.

Guaranteed income or cash transfer programs have often been framed as resources to help pay for unexpected medical bills or rent. But now, a group of doctors is pitching the program as not only an anti-poverty strategy but an anti-violence strategy.

Illinois hotel leaders are proposing the Hotel Jobs Recovery Act, which would allocate funds to hotels across the state to rehire workers. The group is proposing $250 million to come from the state’s leftover American Rescue Plan Act funding, giving one-time grants of $1,500 per room for every hotel in Illinois. 

The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.