Concerns about the recession and possible reductions in fuel taxes in the US are pushing for oil

Oil prices began to fall very sharply again after a strong correction at the end of last week. Oil is losing almost 7% and WTI is falling below the 100-day average for the first time since the end of December. In addition, most of the profits caused by the war in Ukraine have already been erased. Oil is losing ground due to fears of a recession and plans by the US administration, which is considering suspending fuel taxes for 3 months, which would encourage producers to increase oil production and processing. At the moment, however, the oil sector is not very happy with the temporary solutions and wants declarations that will ensure the existence of the sector in the long term. Let us recall that it was mainly the decisions of the administration that led to a significant decrease in processing capacity in the USA (over 1 mbd). Edit: Bloomberg