One area where the Trump tariffs might already be having an impact is gas prices. You may have noticed that gas is becoming cheaper by the day, and Patrick DeHaan, Head of Petroleum Analysis at GasBuddy, predicts that prices in Indiana will drop even further in the coming week.
“Gas prices have started to decline, largely driven by the significant drop in oil prices over the last week,” DeHaan explained. “President Trump’s tariff increases have caused oil prices to fall by more than $10 per barrel.”
According to DeHaan, the tariffs and the associated threats have slowed down the economy.
“The tariffs are creating significant risks for both the U.S. and global economies,” he said. “If these tariffs continue, they’re likely to lead to a major economic slowdown, which will reduce oil consumption.”
DeHaan also noted that OPEC has agreed to boost production for the first time since 2023, increasing supply, which helps lower both oil and gas prices.
He emphasized that the price decrease isn’t related to the “drill, baby, drill” policy.
“The sharp drop in oil prices has made oil companies less likely to pursue extensive drilling,” he stated.
DeHaan believes gas prices could drop to $3 per gallon or even lower within the next week.
Disclaimer- Our team has thoroughly fact-checked this article to ensure its accuracy and maintain its credibility. We are committed to providing honest and reliable content for our readers.