Here's HowSince Trump’s inauguration in January, crude oil prices have dropped nearly 20 percent. Indeed, the Energy Information Agency projects that oil prices, which currently sit at about $62 per barrel, will drop to $51 per barrel next year. The following month, OPEC announced it would increase production at a time when oil prices were already at a four-year low, taking industry analysts by surprise. Oil prices would spike tremendously. “There is some expectation that oil prices could be lower for an extended period of time.”