Share and Follow
Posted:
Updated:
(The Hill) — On Tuesday, oil prices dipped to their lowest levels not seen since 2021.
The U.S. benchmark, West Texas Intermediate (WTI), was hovering around $55 per barrel, as tracked by Business Insider. This marks a decline from earlier in the week when prices were perched at approximately $58 per barrel.
The last time that prices were this low was in early 2021, when oil demand was still low due to COVID-19 lockdowns.
Gasoline prices are also relatively low, averaging $2.91 per gallon on average in the U.S., down from $2.95 a week ago.
The lower costs come after a series of oil production target hikes earlier this year by a group of exporting countries known as OPEC.
The Trump administration has sought to tout the low gasoline and oil prices, though they are largely controlled by global factors.
