Oil Plunge to Four-Year Lows Threatens ‘Drill, Baby, Drill’

The plunge in oil prices to four-year lows has seeded doubt as to whether the oil and gas industry will be able to deliver more drilling, as President Donald Trump has sought.

Just after 11 a.m., both domestic and international benchmarks were trading below the $60 per barrel line, with prices reaching their lowest levels since 2021. Brent Crude dipped by 5.36% and was trading at around $59.45 per barrel. West Texas Intermediate also dropped by 5.71% and was priced at $56.18 per barrel.

Prices have been on a steep decline since April 2, when Trump unveiled sweeping tariffs on dozens of countries. These tariffs include a baseline 10% tariff on all exports to the United States, with minimal exceptions, and higher tariffs on countries that have large trade surpluses with the U.S.

Other nations have since vowed to retaliate, including China, which plans to impose an additional 34% tariff on all U.S. goods starting Thursday. (Read more from “Oil Plunge to Four-Year Lows Threatens ‘Drill, Baby, Drill’” HERE)

Photo credit: Flickr