oil stocks were on the move wednesday as crude oil prices pulled back from recent highs and us president joe biden said he will push for a suspension of the federal gasoline tax wti crude oil prices dropped 34 to around 10570 per barrel on wednesday morning sending the united states oil etf uso down 31 biden is expected to ask congress on wednesday to approve a tax cut on fuel as tensions between the white house and the oil industry rise related link 7 best energy stocks to buy with over 6 dividend yields ecopetrol energy transfer lp and more tax cut proposal bidens plan is reportedly to suspend the federal gas tax of 184 cents per gallon and call on individual states to suspend their gas taxes as well biden has invited seven oil company ceos to discuss increasing production capacity to help bring fuel prices down in a letter to biden chevron corporation cvx ceo michael wirth called out biden for his past treatment of the us oil industry your administration has largely sought to criticize and at times vilify our industry wirth said these actions are not beneficial to meeting the challenges we face market movers several oil stocks were among the biggest market movers on wednesday in response to the pressure on oil prices   apa corp us was down 75   eog resources inc was down 55 benzingas take theres no question its good for the us to invest in clean energy technology to help reduce its dependence on fossil fuels in the future yet the country must continue to invest in oil and gas production to help bridge the gap to a clean energy future unless americans want to continue to see energy prices skyrocket