- U.S. President Joe Biden to ask Congress to enact a three-month gasoline tax suspension
- Biden will ask that both the 18c/gal federal tax on gasoline and the 24c/gal tax on diesel be suspended
- The move comes after the national average gasoline price hit a record this month above $5/gal, despite the historic release from U.S. reserves earlier this year
- OPEC+ weighs when to make its final output announcement (BBG)
- The cartel has brought back its production to 42.5 MMBbl/d in modest, pre-planned monthly increases, with the last two hikes scheduled for July and August
- In reality, the output is nearly 2.7 MMBbl/d below their quota in May because of the inability of several nations, including Nigeria and Libya, to boost production in recent months
- The cartel is set to meet on June 30 to rubber-stamp the final monthly hike that, on paper, would increase August production back to pre-Covid levels