After hitting record highs, earlier this summer, it seems like the average gas prices are on a slow decline.
President Joe Biden said Monday that he will decide by the end of the week whether he would support a federal gasoline tax holiday, possibly saving U.S. consumers as much as 18.4 cents a gallon.
President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine
As Russia has intensified its war on Ukraine, killing civilians and triggering a mass refugee crisis, President Joe Biden is expected to announce a ban on importing Russian fuel.
Stocks are falling in morning trading on Wall Street, as more gains for oil prices threaten to worsen the world’s already high inflation.
U.S. benchmark crude oil prices jumped 10.6 percent to $105.82 per barrel by midday Tuesday, reaching the highest price since 2014. Higher oil prices are a key contributor to inflation.