President Donald Trump on Wednesday touted falling oil prices as a “tax cut for America and the world,” but economists say the shale revolution, which has turned the U.S. back into a major oil producer, means that declining crude prices are now a small headwind for the economy. When the price falls, you cut supply. OPEC nations are amongst the world’s top oil exporters. It’s certainly within their capability. If there was even a hint they would slow production, prices would certainly jump from current lows of about $82 a barrel. Now prices are slumping. US crude oil futures have dropped by nearly 10% to trade around $66.50 per barrel, down from about $73 last week. Global benchmark Brent crude oil has dropped by about 6% to trade around $76, after peaking above $80.