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U.S. oil prices plummeted below $60 a barrel, the lowest in almost four years, following President Trump’s latest tariffs, causing a 15% drop since last Wednesday. Concerns over economic growth and potential recessions have led to fears of reduced drilling, spending cuts, and layoffs in oil-rich states like Texas and New Mexico. OPEC’s decision to increase production and higher tariffs on materials like steel tubing are further contributing to the decline in oil prices, impacting U.S. oil and gas companies, particularly smaller ones, as natural gas prices provide some relief.
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