Oil prices have dropped roughly $10 a barrel in the past week, during what Patrick DeHaan with Gasbuddy.com called a tumultuous week. He noted a lot of this turbulence and unease is happening because of President Trump’s tariffs coming in more significant than expected, increasing concerns of a global recession or slowdown.

“In addition, OPEC announced last week that it would be restoring oil production at a faster-than-expected pace. Oil prices are also selling off on that, but late-breaking developments now indicate the White House may be open to a pause in tariffs, that after oil prices have plummeted and the stock market has sold off, entering a bear market. So, just a lot of volatility here in energy markets as we try and digest all of what’s happening.”

President Trump snuffed out those rumors of tariffs being paused. While oil investors try to determine the administration’s next steps, DeHaan says many consumers are enjoying relief at the pump.

“Gasoline and diesel prices have been modestly lower than last year. Oil prices had been dipping before the tariff discussion because of OPEC’s oil production restoration that was starting in April. So, even if we remove tariffs from energy prices, gasoline and diesel prices are already quite a bit below last year. That’s certainly good news for the economy. The average gas price is $0.36 lower than last year’s. Diesel prices edged up in the last week but still stand at about $3.58 a gallon.”