Biden to release oil; promise to codify Roe; IRS inflation adjustments

President Joe Biden is set to announce a release of oil from the strategic reserve a day after he promised to codify Roe v. Wade, and the Internal Revenue Service is preparing to increase its inflation adjustments for the 2023 tax year. These stories highlight the Daily Rundown for Wednesday, Oct. 19 2022.

Biden to tap into oil reserve – The White House said Tuesday that President Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday. The move is one of several the Biden administration is either taking or considering taking in response to recent oil production cuts announced by OPEC+ nations. The cuts have fueled concerns over the cost of energy heading into the winter months.

“The president is calling on companies to pass through lower energy costs to consumers right away,” the White House said in a fact sheet on the announcement. “The profit that energy refining companies are now capturing on every gallon of gasoline is about double what it typically is at this time of year, and the retailer margin over the refinery price is more than 40 percent above the typical level.”

Biden promises to codify Roe v. Wade – Also Tuesday, Biden promised that the first bill he sends to Capitol Hill next year will be one that writes abortion protections into law. The promise came with the condition that Democrats control enough of Congress to pass the bill after the midterm elections. Democrats have pushed abortion as a top issue in the midterms following the Supreme Court decision to overturn Roe.

“Right now, we’re short a handful of votes.  If you care about the right to choose, then you got to vote,” Biden said at an event Tuesday. “That’s why, in these midterm elections, it’s so critical to elect more Democratic senators to the United States Senate and more Democrats to keep control of the House of Representatives.”

IRS to increase inflation adjustments – The IRS announced Tuesday it is raising the standard deduction and income thresholds where tax rates take effect for the 2023 tax year. Standard deduction adjustments break down as follows:

• $13,850 for single taxpayers and for married individuals filing separately, up $900 from 2022
• $27,700 for married couples filing jointly, up $1,800 from 2022
• $20,800 for heads of households, up $1,400 from 2022

While IRS adjustments are an annual occurrence, this year’s adjustments are significant due to the months of inflation experienced by all Americans. Data released by the Bureau of Labor Statistics last week showed that compared to last year, rent is up 7.2%, electricity prices are up 15.5%, groceries are up 13%, and health insurance is about 30% more expensive.

The Associated Press and NPR contributed to this report.