Oil prices have dropped roughly $10 a barrel in the past week, which was tumultuous to say the least. Patrick DeHaan with Gasbuddy.com said a lot of this turbulence and unease is happening because of President Trump’s tariffs coming in more significant than expected, increasing concerns of a global recession or slowdown.
Initially, it appeared that President Trump would not pause his tariffs. But now that he actually did pause them, it’s anyone’s guess what he will decide to do now. While oil investors try to determine the administration’s next steps, DeHaan said many consumers are enjoying relief at the pump.
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