The Hill’s 12:30 Report: Biden’s strategy to lower gas prices

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— A midday take on what’s happening in politics and how to have a sense of humor about it.*

*Ha. Haha. Hahah. Sniff. Haha. Sniff. Ha–breaks down crying hysterically.

NEWS THIS MORNING

We’re getting some oil from the ~secret stash~:

The White House announced this morning that it will release 50 million barrels of oil from the U.S.’s Strategic Petroleum Reserve to lower the rising cost of gas at the pump. https://bit.ly/3l1SMMu 

Will that oil be replenished?: Yes, 32 million barrels of the oil will eventually be returned to the reserve once prices lower. 

Are other countries doing the same?: Yes, “Tuesday’s announcement was made in concert with China, India, Japan, South Korea and the United Kingdom, which will also tap into their own strategic reserves.” This discussion has reportedly been in the works for weeks. 

RISING PRICES ARE AN INCREASING THREAT FOR BIDEN:

Via The Hill’s Niall Stanage, “Inflation reached its highest level in more than 30 years in October. And as it has risen, Biden’s approval rating has fallen precipitously.” What could happen now: https://bit.ly/3rbe8um

It’s a pretty quiet Tuesday of the holiday week. I’m Cate Martel with a quick recap of the morning and what’s coming up. Send comments, story ideas and events for our radar to cmartel@thehill.com — and follow along on Twitter @CateMartel and Facebook. 

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IN CONGRESS

Biden’s decision to simplify things just a lil’ isn’t every Democrats’ choice:

Via The Hill’s Alexander Bolton, “President BidenJoe BidenRittenhouse says Biden defamed his character when linking him to white supremacists Man accused of threatening Congress sentenced to 19 months in prison 91 House Dems call on Senate to expand immigration protections in Biden spending bill MORE sidestepped a battle over the leadership of the Federal Reserve by disappointing progressive allies and sticking with Jerome Powell, whom former President TrumpDonald TrumpRittenhouse says Biden defamed his character when linking him to white supremacists Overnight Health Care — White House touts vaccine rate for feds Trump endorses challenger to Hogan ally in Maryland governor’s race MORE nominated as Fed chairman four years ago.” https://bit.ly/3nIit6e

Why Powell was an enticing pick — the alternative would have been more of a fight: “Senate aides predict Powell will easily have enough votes to secure confirmation … and warned that Biden would have had a much tougher fight on his hands had he instead picked Lael Brainard, the only Democrat on the seven-member board and the favorite of a number of progressives.”

Biden’s consolation prize to…