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Crude prices fall as the Biden administration takes more steps to try to lower gasoline prices.
Mario Tama/Getty Images
Oil prices fell Wednesday as President Joe Biden prepared to ask Congress to temporarily suspend the federal tax on gasoline.
Brent crude prices, the international benchmark, fell 4.15% to $109.89 a barrel. West Texas Intermediate, the U.S. standard, dropped 4.7% to $104.37.
Biden is calling on lawmakers to lift the federal tax on gas for three months and is asking states to take similar measures. The federal government charges a tax of 18 cents per gallon on gasoline and 24 cents on diesel fuel.
The government, seeking ways to curb the fuel costs that are driving decades-high inflation, also has asked oil companies for ideas on how to increase production and lower prices.
Crude prices have spiked this year after Russia invaded Ukraine in February.
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