Supply chain disruptions and policy decisions can significantly change these costs for oil companies — and consumers.

The angry mutterings at the Permian Basin Petroleum Association’s “Spring Swing” golf tournament this week weren’t all about missed putts or lost balls. The Texas oilmen on the fairways had a more serious concern: The president they helped elect was tanking oil prices.

Oil prices fell to their lowest level in years on Monday as worries about the reciprocal tariffs President Donald Trump announced last week continued to ripple through global markets.