Oil prices recorded 94.83 dollars for Brent and 87.66 dollars for US crude

Oil prices recorded today, Tuesday, 94.83 dollars per barrel for the futures contracts for the international standard, Brent, and the futures contracts for West Texas Intermediate crude, the US, recorded 87.66 dollars per barrel.

US President Joe Biden will impose a new tax on oil and gas companies after companies reported another quarter of very high profits amid rising gas prices.

According to Bloomberg, a White House official said Biden would invite oil and gas companies to invest their profits in “reducing costs for American families and increasing production.”

If they don’t, the official said by email, the president will invite Congress to consider “requiring oil companies to pay tax fines and face other restrictions.”

The official did not use the phrase “unexpected tax,” but Biden appears to be targeting corporate profits after companies reported big profits from July to September.

The speech comes as the Biden administration and Democrats seek to hold oil and gas companies responsible for high gasoline prices.

The Organization of Petroleum Exporting Countries (OPEC) released its annual forecast report on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference 2022.

An OPEC statement from Vienna said the report was first published in 2007 and provides a detailed review and assessment of the medium and long-term prospects for the global oil and energy industries to 2045.

The statement pointed out that the report includes an analysis of the diverse internal and external linkages of the industry and its changing dynamics, which has witnessed a renewed focus during the past year on the interaction between energy affordability, energy security and the need to reduce emissions.

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