April 7, 2025 11:35am EDT
Gas prices could fall as crude oil plummets, expert says
Gas prices could drop 15 cents per gallon, expert says
By Daniella Genovese FOXBusiness
Crude oil prices have dropped to their lowest level in four years after President Donald Trump announced tariffs on U.S. trading partners, which will benefit consumers nationwide at the gas pump, according to energy industry experts.
U.S. crude futures were trading around $61 a barrel as of 11 a.m. ET on Monday after falling below $60 per barrel earlier.
"The silver lining from the recent market turmoil is that the significant decline in oil prices will lead to a decline in gasoline prices for the consumer," Andy Lipow, president of Lipow Oil Associates, told FOX Business.
The price of crude oil is the largest factor in the retail price of gasoline, making up more than half of the total cost consumers pay at the pump.
Refineries have switched over to summer-blend fuel, which is more expensive to produce than winter-grade fuel, and typically causes prices to jump at the pump. However, Lipow said consumers are not going to see the full impact of that change at the gas station because of the significant drop in crude prices – down over $10 per barrel over the last three days.
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https://www.foxbusiness.com/energy/gas-prices-could-fall-crude-oil-plummets-expert-says
