The prices of crude oil plummeted 4 per cent on Wednesday amid a push by the U.S. president, Joe Biden, to cut taxes on fuel to cut costs in the United States.
Brent crude futures were down $4.65, or 4.1 per cent, at $110.00 a barrel while U.S. West Texas Intermediate (WTI) futures fell $5.08, or 4.6 per cent, to $104.44 by 0918 GMT.
Earlier in the session, both contracts had shed over $6 each to hit their lowest levels since May 19 and 12, respectively, Reuters reported.
On Wednesday, Mr Biden is expected to call on Congress to pass a three-month suspension of the 18.4 cents per gallon federal gasoline tax to help combat record pump prices, according to Reuters.
ALSO READ: OPEC agrees to increase output as EU bans Russian oil
Reuters quoted a government official as saying, “A federal gas tax suspension alone won’t fix the problem we face, but it will provide families a little breathing room as we continue working to bring down prices for the long haul”.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: Call Willie – +2348098788999