https://www.cnbc.com/2025/04/08/oil-prices-today.html U.S. crude oil closed below $60 per barrel on Tuesday, the lowest level in four years as traders fear that President Donald Trump’s sweeping tariffs will trigger a full-blown, global trade war.
U.S. crude futures were trading around $61 a barrel as of 11 a.m. ET on Monday after falling below $60 per barrel earlier.
"The silver lining from the recent market turmoil is that the significant decline in oil prices will lead to a decline in gasoline prices for the consumer," Andy Lipow, president of Lipow Oil Associates, told FOX Business.
The price of crude oil is the largest factor in the retail price of gasoline, making up more than half of the total cost consumers pay at the pump. Lipow estimated that gasoline prices will start dropping as soon as this week. Over the coming weeks, there will be a decline of 15 cents per gallon, Lipow estimated.
Gee! Those tariffs are on their way to bringing gasoline prices down to pre Adolf Biden levels.
Oil is under $58/barrel as I write this response. Less than a week ago, it was $71. It was at $76 when Trump took office. I'm ready for gas prices to drop as well.
Wrong again, Reason10! Man, you just don't get it.
Lower crude prices mean layoffs in the oil sector, which means oil production is cut to avoid bankruptcy among drilling companies. Price of gas then rises from the limited supply of crude oil if the price of crude isn't high enough to at least break even.
@ImperialAerosolKidFromEP Well, it means gasoline prices will drop 15 cents a gallon by next week. That means the cost of transporting EVERYTHING is going to drop.
Already, Trump is making things better for the average working American.
