Oil prices decline to 6-week lows as Biden calls for fuel tax suspension

2022-06-22 15:23:11 GMT (Economies.com)
Oil prices decline to 6-week lows as Biden calls for fuel tax suspension

Oil prices declined over 5% in European trade with US crude falling for a second session, hitting six-week lows, while Brent hit five-week lows as US President Joe Biden asked for fuel tax suspension. 

 

The administration is seeking to control gasoline prices after they hit record highs with tensions rising between the White House and oil companies.

 

Oil Prices 

 

US crude fell 5.75% to $103.21 a barrel, the lowest since May 12, while Brent shed 5% to $108.67 a barrel, a May 19 low.

 

US crude lost 0.6% on Tuesday, while Brent climbed over 0.5% for another session.

 

Tax suspension 

 

A Biden administration's official said Biden is expected to ask Congress for a suspension of the fuel tax for three month.

 

However, both Democratic and Republican lawmakers aren't expected to endorse the move.

 

Oil Companies

 

Oil companies are meeting with Biden tomorrow under pressure from the White House to cut down prices.

 

However, Chevron's CEO said criticizing the oil industry isn't the right way to control prices and face the current challenges. 

 
 
 
  Symbol Last Change Chg.%
1.0427
-0.0154
1.4550%
1.2096
-0.0176
1.4311%
19.698
-1.669
7.811%
108.022
0.605
0.563%
111.50
2.47
2.27%
1799.775
-29.770
1.627%
 
 
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