On October 10, 2025, oil prices fell below $60 per barrel for the first time since May 2025. This decline in prices follows a statement made by President Trump, who indicated that gas prices would decrease to $2.00 per gallon.
Industry experts note that oil prices need to remain above $60 per barrel for fracking companies to achieve profitability. This recent drop in oil prices may impact the broader energy market and related sectors.
For further context on the current economic climate, recent developments have seen over 4,200 federal workers receiving layoff notices as a government shutdown continues. Additionally, previous reports indicate that President Trump has not canceled his meeting with Xi Jinping.
