Senator John Thune addresses rising gasoline prices and a possible revival of the bill to better rebuild “Kudlow.”
Oil prices rose from a loss of more than 2% on Thursday, as investors worried that aggressive US interest rate hikes could lead to a recession and reduce demand. of fuel.
West Texas Intermediate (WTI) crude oil futures fell 2.9% to $ 103 a barrel. Brent crude oil futures fell 2.5% to $ 108 a barrel.
Both benchmarks fell about 3% on Wednesday to reach their lowest levels since mid-May.
An oil rig drilling a well near Midland, Texas. (REUTERS / Ernest Scheyder / Reuters Photos)
Investors remain concerned that central banks may push the global economy into recession with rising interest rates.
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The Federal Reserve is not trying to design a recession to stop inflation, but it is fully committed to controlling prices, even if it does run the risk of an economic recession, the head of the US central bank said on Wednesday. , Jerome Powell.
BIDEN ENERGY DRY. TIPS FOR A DRASTIC MOVEMENT TO AFFECT THE GAS CRISIS
Federal Reserve Chairman Jerome Powell speaks to the Senate Committee on Banking, Housing and Urban Affairs as he presents the Monetary Policy Report to the Capitol Committee on Wednesday, June 22, 2022 in Washington. (AP Photo / Manuel Balce Ceneta / AP Newsroom)
POWELL PROMISES FED IS “STRONGLY COMMITTED” TO FIGHT INFLATION WITH MORE TIUS RISE
President Biden has called on Congress to approve a three-month suspension of the federal gas tax to help combat record bomb prices.
The average price of a gallon of gasoline it fell again on Wednesday and remained below the $ 5 threshold for the fifth day in a row, according to AAA.
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The price of a gallon of gasoline dropped to $ 4.955, according to AAA. The price on Tuesday fell to $ 4.968.
Reuters contributed to this report.