
Chevron Corporation (NYSE:CVX), Diamondback Energy Inc (NASDAQ:FANG) and Occidental Petroleum Corporation (NYSE:OXY) are all trading lower Wednesday. Shares of energy companies at large are trading lower amid a dip in oil prices following reports President Biden may suspend the federal tax on gasoline.
Shares of oil stocks have seen marked volatility in recent months due to supply concerns. Energy names have been volatile amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns.