+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)
Oil

High Oil Prices Fall Slightly, Remain Unstable

23 June 2022

Oil prices tumbled around 3% on Wednesday as investors worried that rate hikes by the Federal Reserve could push the U.S. economy into recession, dampening demand for fuel. Prices of oil spiked to $122.11 on June 8, their highest since March and about a dollar off its highest level since 2008.

Meanwhile, U.S. President Joe Biden called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer. US oil refining capacity fell in 2021 for the second year in a row, government data showed, as plant shutdowns kept whittling away on their ability to produce gasoline and diesel.

Research and Markets offers more information on this topic:

Middle East Oil & Gas Monitor- Product Image
Middle East Oil & Gas Monitor- Product Image
Middle East Oil & Gas Monitor
  • Newsletter
  • July 2022
  • 20 Pages
  • Region: Middle East
Overview With around 40% of the world’s oil supply coming from the Persian Gulf, in addition to exploration and production (E&P), MEOG’s coverage includes policy and transport issues which can cause price...
Online Oil Condition Monitoring Market, by Product Type, By Measurement Type, By End-use Industry and by Region - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027- Product Image
Online Oil Condition Monitoring Market, by Product Type, By Measurement Type, By End-use Industry and by Region - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027- Product Image
Sale
Online Oil Condition Monitoring Market, by Product Type, By Measurement Type, By End-use Industry and by Region - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027
  • From
  • Report
  • July 2021
  • 250 Pages
  • Region: Global
Online oil condition monitoring mainly consists two types of components hardware and software. Hardware mainly consists of various sensors such as temperature sensor, pressure sensor, oil quality sensor, wear...
North American Oil & Gas Monitor- Product Image
North American Oil & Gas Monitor- Product Image
North American Oil & Gas Monitor
  • Newsletter
  • July 2022
  • 20 Pages
  • Region: North America
Overview The publication continues to provide weekly coverage of upstream, midstream and downstream news, spanning shale oil and gas, LNG, oil sands, transport by pipeline and rail, company performance and...
Middle East Economic Survey (MEES)- Product Image
Middle East Economic Survey (MEES)- Product Image
Middle East Economic Survey (MEES)
  • Report
  • July 2022
  • Region: Middle East
The ‘oil age’ isn’t quite over yet. As the home of the world’s largest repository of low-cost barrels, the looming energy transition has strengthened the Gulf’s comparative advantage as an investment destination....
Oil and Gas Security and Service Market- Product Image
Oil and Gas Security and Service Market- Product Image
Oil and Gas Security and Service Market
  • From
  • Report
  • March 2021
  • 242 Pages
  • Region: Global
Oil and Gas Security and Service Market Size, Trends & Growth Opportunity, By Component (Solution, and Services), By Service (Risk Management services, System Design, Integration, and Consulting, and Managed...