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.
The Russia-Ukraine conflict has caused volatility in the broader energy sector and put pressure on some countries to become less dependent on Russian gas.
Shares of several energy companies were also trading lower last week amid a decline in the price of oil as the Federal Reserve’s decision to hike rates raises concern of an economic slowdown which may lower demand for energy.
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