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Economy

Global oil prices sink to lowest level in three years after Trump tariffs

2025-04-06

[JustTheNews] The combination of the tariffs and the Saudi-led response dropped Brent crude oil prices down to just $65.58 a barrel.

The global oil market on Friday saw prices hit its lowest number since 2021, with Brent crude oil being down nearly 6% at the end of trading.

The oil prices come as the stock market also recoils over President Donald Trump's new tariffs on all imports into the U.S., which also included 25% tariffs on countries that import oil and gas from Venezuela and then trade with the United States.

The drop in prices also comes after the OPEC Plus oil cartel led by Saudi Arabia announced its own increase in oil output, which would take place in May, according to the New York Times.

The combination of the tariffs and the Saudi-led response dropped Brent crude oil prices down to just $65.58 a barrel, the New York Times also reported. It was at $74 a barrel on Monday.

China retaliated against the U.S. tariffs on Friday by promising to impose 34% tariffs on the country.

Posted by:Skidmark

#2 WTI crude is down.

However the refineries are switching to the summer blend of gasoline. This switch combined with some refineries closed for the maintenance produced the increase in gasoline prices.

Posted by: Lord Garth 2025-04-06 17:28

#1
In 2018 the avg price for Oil $65.23 a Barrel.
We here in GA were paying $1.89 a gallon for Reg EGas.

In 2006 the avg price for Oil $66.05 a Barrel.
We here in GA were paying $1.59 to $1.75 a gallon for Reg EGas.

So why are we paying $2.89 to $3.25 now in GA?

Could Federal and State and Local Taxes and the EPA reg's have a lot to do with it?

OR,
Is it the inflated CORN (Ethanol) costs that are driving it up the Pump prices?

Because Wally World, I am seeing a price for 91% Alcohol at $3.95 for a Quart bottle. That up $2 since 2021-22.

Posted by: NN2N1 2025-04-06 05:58

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