Senator John Thun is addressing rising gas prices and a possible resurgence of the Kudlow return bill.
Oil prices added losses from the previous session on Thursday, falling by more than 2% as investors worried that a sharp rise in US interest rates could cause a recession and reduce fuel demand.
West Texas Intermediate (WTI) crude futures fell 2.9 percent to $ 103 a barrel. Brent crude futures fell 2.5% to $ 108 a barrel.
Both benchmarks fell about 3% on Wednesday, reaching 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 could push the global economy into recession by raising interest rates.
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The Federal Reserve is not trying to create a recession to stop inflation, but is fully committed to controlling prices, even if it risks an economic downturn, US Federal Reserve Chairman Jerome Powell said on Wednesday.
BIDEN’S ENERGY SECTION. Hints of drastic items to deal with the gas crisis
Federal Reserve Chairman Jerome Powell addresses the Senate Banking, Housing and Urban Affairs Committee as he presents the Monetary Policy Report to the Capitol Hill Committee on Wednesday, June 22, 2022, in Washington. (AP Photo / Manuel Balce Ceneta / AP Newsroom)
POWELL PROMISES FED IS “HIGHLY COMMITTED” TO FIGHTING INFLATION WITH MORE INCREASES
President Biden has called on Congress to pass a three-month suspension of the federal gasoline tax to help fight record pump prices.
The average price for a gallon of gasoline fell again on Wednesday, staying 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 fell to $ 4,968 on Tuesday.
Reuters contributed to this report.
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