oil prices handed back a modest gain to start the shortened us trading week with crude falling on wednesday as investors refocused on demand worries amid rising recession expectations read energy investments not enough to solve energy crisis iea says investors were refocused on the potential for a recession in the us and elsewhere that could crimp demand for energy products as oil prices fell us equity futures also pointed to losses resuming on wall street where some strategists have warned that markets are not fully pricing in the possibility of an economic pullback “concerns about a recession and tomorrow’s meeting between us oil industry representatives and us president biden are being cited as the reasons for the renewed price slide” said carsten fritsch analyst at commerzbank “biden had harshly and publicly criticised refineries last week accusing them of producing too little gasoline and taking advantage of the recordhigh crack spreads to pocket profits at the expense of car drivers” he added as widely expected the white house on wednesday called on congress to suspend the federal gas tax for three months and asked states to provide similar relief as consumers struggle with soaring prices in the aftermath of russia’s invasion of ukraine in late february fritsch said the problem with a gas tax moratorium is that it likely “support prices by stimulating demand for gasoline if gasoline prices do not fall sharply in response or dip only briefly the oil industry is likely to face growing criticism” he said the federal government charges an 18 cent tax per gallon of gasoline and a 24 cent tax per gallon of diesel and some see any moratorium having only a modest effect on prices if the gas savings were fully passed along to consumers that would amount to 36 saved at the pump when prices are averaging about 5 a gallon nationwide said the associated press