Oil Prices Below $39 a Barrel
Oil is now priced below 39-dollars a barrel for the first time since 2009. Compare that to June of last year when oil was at 100-dollars a barrel. The current slide is an acceleration of the meltdown in energy prices that began last fall. It could bring gas prices down to less than 2-dollars a gallon to most of the country later this fall. Oil is looking at a massive supply led by the surge in production from American shale oil producers. US oil companies have kept pumping rapidly this year despite depressed prices.