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Oil Down as Biden Aims to Bring Down U.S. Fuel Cost

Commodities Jun 22, 2022 12:45AM ET
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© Reuters.

By Zhang Mengying

Investing.com – Oil was down on Wednesday morning in Asia as U.S. President Joe Biden is set to push for U.S. fuel cost cuts.

Brent oil futures slid 3.03% to $111.18 by 12:40 a.m. ET (0440 GMT) and crude oil WTI futures dived 3.37% to $105.83.

U.S. President Joe Biden is expected on Wednesday to call on Congress to temporarily suspend a federal tax on gasoline to bring down soaring fuel prices and alleviate the pressure on consumers.

“Even oil traders acknowledged that higher oil prices hence higher gasoline prices would lead to a more aggressive tag team onslaught from the (U.S.) Fed pushing rates higher and the Biden administration getting increasingly more creative on the political and fiscal front to tame the energy inflation beast,” SPI Asset Management managing partner Stephen Innes told Reuters.

Seven oil companies are set to meet Biden on Thursday, under pressure from the White House to bring down fuel prices.

However, energy company Chevron’s Chief Executive Officer Michael Wirth said on Tuesday that criticizing the oil industry was not the way to lower fuel prices.

“These actions are not beneficial to meeting the challenges we face,” Wirth said in a letter to Biden.

Elsewhere, since European oil sanctions on Russia for its invasion of Ukraine haven’t taken effect, the supply is set to get tighter.

“The market is still coming to terms with the increasing disruption to Russian oil. European sanctions have yet to kick in,” ANZ Research analysts said in a note.

Oil Down as Biden Aims to Bring Down U.S. Fuel Cost
 

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Comments (12)
Abc Xyz
Abc Xyz Jun 22, 2022 9:24AM ET
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Do people really believe a guy's mouth f8rt can bring down oil prices?
Jim Herndon
Jim Herndon Jun 22, 2022 7:49AM ET
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Biden and handlers are mental midgets
family mama
family mama Jun 22, 2022 3:20AM ET
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tax holiday makes demand stronger
nick cage
nick cage Jun 22, 2022 3:20AM ET
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not in the backwards world the Whitehouse lives in.
family mama
family mama Jun 22, 2022 3:20AM ET
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tax holiday makes demand stronger
family mama
family mama Jun 22, 2022 3:20AM ET
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tax holiday makes demand stronger
Matt Georgopulos
opulo01 Jun 22, 2022 2:44AM ET
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Buy the dip??
Lars He
Lars He Jun 22, 2022 2:41AM ET
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The oil industry need to promoted by the government, never heard of any president calling the cellphone industry to lower the outrageous prices on cellphones.
Samantha
Samantha Jun 22, 2022 2:41AM ET
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The cellphone industry isn't subsidized.
Derek de Roos
Derek de Roos Jun 22, 2022 1:25AM ET
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With taxes lower oil will be used more which will cause more of a shortage which will push prices higher.
Notvery Goodathis
Peteymcletey Jun 22, 2022 1:21AM ET
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Oil is moving down despite Biden.
Lars He
Lars He Jun 22, 2022 1:21AM ET
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Oil is moving down much less than possible coz of Biden.
Junk Man
Junk_Man Jun 22, 2022 1:09AM ET
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Remove Russian, Venezuelan, and Iranian oil sanctions … price will go down
andrew cando
andrew cando Jun 22, 2022 1:09AM ET
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why not re-instate keystone pipeline instead of sucking up to enemies, dictator and *******
andrew cando
andrew cando Jun 22, 2022 1:09AM ET
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the word ****** is t error !ts
Lars He
Lars He Jun 22, 2022 1:09AM ET
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Don't fight the algo, useless
 
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