Fact-check · Nov 2, 2026 · Donald Trump
“Oil prices are plunging now. They're plunging. A record. Nobody's ever seen a plunge like this.”
FALSE
What the record shows
2025 saw oil's steepest annual decline since 2020 (~20%). June 2026 quarterly drop was 30.4%, second only to 2020's 65.5% collapse. Largest single-day drop: 34% in 1991.
Current oil declines are significant but not record-breaking. 2020 COVID crash and 1991 Gulf War saw larger plunges.
This figure differs by region.
Sources
- Oil prices fall 20% in 2025 as global surplus pressures markets
- Oil Market Report - June 2026 - IEA
- EIA Press Release (08/12/2025): EIA expects the price of crude oil to fall to below $60 per barrel by the end of the year and average near $50 per barrel through 2026
- Oil prices expected to fall in 2026 as Wall Street sees 'punishing oversupply' risking return to COVID levels
- Oil prices log steepest annual drop since 2020
- Oil prices edge lower after biggest annual loss since 2020
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