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Here's your daily crunch.

President Joe Biden's administration said it will provide 3.1 billion dollars in funding to support the domestic production of advanced batteries that will spur electric vehicle adoption. Proponents of the funding say supporting

local battery initiatives will alleviate fluctuations in global oil markets, specifically

the surging price of gas caused in large part by Russia's invasion of Ukraine.

The White House said on Monday it will also set aside a separate $60 million in grants for

battery recycling initiatives.

The announcement comes about a month after Biden said his administration would trigger

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