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Benzinga
Benzinga
Business
Wayne Duggan

Oil Stocks Drop As Biden Pushes For Gas Tax Holiday

Oil Joe Biden United States NYSE Michael Wirth

Oil stocks were on the move Wednesday as crude oil prices pulled back from recent highs and U.S. President Joe Biden said he will push for a suspension of the federal gasoline tax.

WTI crude oil prices dropped 3.4% to around $105.70 per barrel on Wednesday morning, sending the United States Oil ETF (NYSE:USO) down 3.1%. Biden is expected to ask Congress on Wednesday to approve a tax cut on fuel as tensions between the White House and the oil industry rise.

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