Energy prices mostly have been in decline since Trump’s inauguration in January, with the cost of a barrel of oil sliding about $20 since the start of the year. At this time last year, a barrel of U.S. crude cost $85. A barrel was going for around $71 at the beginning of April, before tariffs were launched.

The price of crude oil dropped to its lowest level since 2021 and is down roughly 20% since President Trump announced tariffs last week. Crude prices fell below $58 a barrel, while a recent survey found producers require an average price of at least $65 to profitably drill.