Oil prices fell by 5 dollars a barrel - Economist

Oil prices varied during trading on Friday, June 24, 2022, as the price of Brent crude declined in an attempt by about $ 5 a barrel, due to news that US President Joe Biden is seeking to reduce taxes on fuel in order to reduce the cost incurred by drivers in light of the tense relationship between the White House and the US oil sector.

We find that the price of a barrel of oil in Brent crude has decreased by $5, which is equivalent to 4.5%, and its price has reached 111.43 dollars per barrel. per barrel of oil.

A senior administration official said that Joe Biden is expected to ask the US Congress to approve a three-month moratorium on a federal tax on gasoline of 18.4 cents a gallon, and to call on states in his country to suspend their taxes on fuel.

The White House is trying to end the crisis of high oil prices by holding meetings with the CEOs of seven major oil companies, to discuss ways to increase production capacity and reduce fuel prices while achieving record profits for these companies during the last period.