Crude oil prices fall $3.33 amid Biden’s proposal to halt tariffs

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West Texas Crude Oil Contract Delivered in Aug. Trading on the NYMEX was down $3.33 to close at $106.19 a barrel. north sea brent Delivered in Aug. It was down $2.91 to close at $111.74 a barrel. Both contracts hit their lowest levels since mid-May.

Biden will call on Congress to approve a three-month suspension of federal taxes on gasoline, currently at 18.4 cents a gallon, with the aim of reducing soaring prices. up now

Biden will also call on US states to suspend fuel taxes in an effort to ease American suffering.

The US Secretary of Energy Jennifer Granholm Prepare to negotiate with the US refinery company tomorrow. to discuss solutions to high oil prices in the US

The talks are scheduled after Biden blamed US refineries for making huge profits from refining. While Americans are struggling with high oil prices.

“Refinery profits hit record highs. But the company put the burden on American families. which is considered unacceptable Since the beginning of this year Gasoline and diesel refining profits have tripled and are now hitting record levels.”

“Companies must take immediate action to increase their supply of gasoline, diesel and other refined oil products. By working with the government to resolve this crisis, Biden said in a letter to oil companies. This includes Exxon, Mobil and Chevron.

President Biden has called for it. After the price of gasoline in the United States rose past 5 dollars / gallon. which is the highest level in history

President Biden also stated that The government is set to use every tool to increase US oil production and refining capacity.

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Oil refining capacity in the United States has been deteriorating since the coronavirus pandemic. and is the cause of the rising fuel prices in the country while the demand for oil increases after the opening of the economy and people return to travel again

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