Oil prices on the U.S. and European benchmarks fell Monday to their lowest level since April 2021. The tumble began Wednesday after President Donald Trump announced new tariffs on almost all U.S. trading partners. Within a day of the announcement, OPEC announced it would increase production by 411,000 barrels per day.
Just The NewsOil prices hit a four-year low, and experts debate what will happen nowOil prices fall to their lowest level since April 2021 and OPEC announces it will increase production. Lowering energy costs will benefit the overall economy, but some experts say the oil and gas industry can't be profitable with prices this low — or lower.
@JesseStone but we are still paying around $5/gal.
@Kat One is only paying $5/gal, if one is living in California. Even the other blue states are averaging $3.38/gal. In Texas and a few other states the price is cheaper. Also, it must be noted that lower prices aren't immediately realized at the pumps as we all very well know.
@Kat That's understandable under the circumstances but since most of the goods we rely on depend on affordable oil prices, it is conceivable, that Americans may get some relief if truckers aren't handicapped with higher fuel overheads. Perhaps, in this one small instance, some progress may be realized.
It's shopping day! Buy Chevron, Exxon, Mobil, BP... it's all on sale!! Woohoo! Let's make some money!