Oil higher, Gas Association roasts Biden tweet, 17th-straight day gas lower, crypto lower

The U.S. Oil & Gas Association lashed out at President Biden after he tweeted on Saturday that "companies running gas stations" should simply "bring down the price you are charging at the pump."

The U.S. Oil & Gas Association lashed out at President Biden after he tweeted on Saturday that "companies running gas stations" should simply "bring down the price you are charging at the pump," telling him that he should "please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester."

"Working on it Mr. President. In the meantime - have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester...," the tweeted. 

On Sunday, Biden tweeted that "companies running gas stations" should take note that "this is a time of war and global peril." 

"My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril," Biden tweeted on Saturday. "Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now." 

Biden's tweet comes as gas prices are averaging at $4.807 nationwide, which is down slightly from one month ago’s $4.819.

In some states, however, prices are much higher. In California, the average price per gallon of gas is $6.244 and in Illinois, it's $5.325. 

Biden has attempted to deflect blame for the increase in gas prices to Russian President Vladimir Putin, dubbing it the "Putin's Price Hike," a term used repeatedly by the White House, despite his campaign promise to always take responsibility and not blame others. 

The call for action from Biden follows a failed proposal from the Oval Office to implement a 90-day gas tax holiday, which was dismissed by even Democratic lawmakers as outlandish. 

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Cryptocurrency prices were lower early Monday morning as Bitcoin, Ethereum and Dogecoin were all in negative territory.

Cryptocurrency prices were lower early Monday morning as Bitcoin, Ethereum and Dogecoin were all in negative territory. 

At nearly 4:15 a.m. ET, Bitcoin was trading at about $19,100 (-1.01%), down approximately $200. For the week, Bitcoin was down nearly 8.5%. For the month, Bitcoin was down approximately 35%. 

Ethereum was trading at almost $1,050 (-2.25%), down slightly more than $24. For the week, Ethereum was down 10.6%. For the month, the cryptocurrency was down almost 39.5%. 

Dogecoin was trading at $0.0661 (-1.46%), down fractionally more than $0.0010. For the week, Dogecoin was down nearly 9%. Over the last month, it was down almost 16.5%.

The price of a gallon of regular gasoline slipped on Monday morning to $4.807, according to AAA. 

The price of a gallon of regular gasoline slipped on Monday morning to $4.807, according to AAA.

The price on Sunday was at $4.812, a full cent lower than on Saturday. 

One week ago, the average price of a gallon of regular gasoline in the United States stood at $4.897. One month ago, that same price was $4.819. A year ago, the average price of a gallon of regular gasoline was $3.13. 

Gasoline prices have now declined for 17-straight days. 

Meanwhile, the price of a gallon of diesel slipped as well, this time to $5.735.

On Sunday, that same gallon of diesel cost $5.742. One week ago, the price of diesel stood at $5.794. A month ago, a gallon of diesel cost $5.617 and a year ago, diesel cost $3.249 per gallon.

Oil prices reversed losses and edged up on Monday as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession.

Oil prices reversed losses and edged up on Monday as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession. 

Brent crude futures for September rose 55 cents, or 0.5%, to $112.18 a barrel at 0650 GMT, after falling over $1 in early trade.

U.S. West Texas Intermediate (WTI) crude futures for August delivery gained 44 cents, or 0.4%, to $108.87 a barrel, after also falling $1 earlier. 

Output from the 10 members of Organization of the Petroleum Exporting Countries (OPEC) in June fell 100,000 barrels per day (bpd) to 28.52 million bpd, off their pledged increase of about 275,000 bpd, a Reuters survey showed. 

Declines in Nigeria and Libya offset increases by Saudi Arabia and other large producers, and Libya faces further supply disruption due to escalating political unrest, making the likelihood of OPEC meeting its newly increased production quotas even more unlikely, said ANZ Research analysts in a note. 

Libya's exports have dropped to between 365,000 bpd and 409,000 bpd, down about 865,000 bpd compared to normal levels, the National Oil Corp said last week. 

Traders will be watching out for official prices for August from top oil exporter Saudi Arabia for signs of how tight the market is, with refiners bracing for another sharp increase close to the record set in May. 

Nine refining sources surveyed by Reuters expected Saudi's flagship Arab Light crude official selling price could rise by about $2.40 a barrel from the previous month.

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