Oil Prices Plummet As Trump Tariffs Spark Fears of Recession

UNDATED (WJON News) -- The national average price of gasoline saw its largest weekly gain of the year last week, but it likely won't last long.

Oil prices have plummeted with growing concerns about the global economy following the announcement of some of the most significant tariffs in the United States in over a century.

Gas Buddy says that in addition to falling oil prices, the stock market has dropped sharply, and the risk of a recession has increased, raising the likelihood of reduced global energy and oil demand.

As a result, drivers can expect gas prices to begin falling, with oil now at its lowest level since the days of the pandemic.

Average gasoline prices in Minnesota have risen 15.1 cents per gallon in the last week, averaging $3.20. The national average price for gas has risen 10.6 cents per gallon, averaging $3.21.