Oil prices have suffered their biggest fall since the day in 1991 when American forces launched air strikes on Iraqi troops following their invasion of Kuwait.
Monday's crash spooked markets that were already freaking out about the impact of the coronavirus pandemic on the global economy and demand for oil. Brent crude futures, the global oil benchmark, were down 22%, last trading at $35.45 per barrel. US oil is trading at $33.15 per barrel, a decline of nearly 20%.
Saudi Arabia, the world's top exporter, launched a price war over the weekend. The move followed the implosion of an alliance between the OPEC cartel, led by Saudi Arabia, and Russia.
There is a whole lot of "stuff" going on that I don't have time or energy to post/explain here.
The text above came from an excellent article you can read here:
I had kinda given-up on ever seeing sub-$1.75 gas prices again in my lifetime.
Folks, that may be exactly where we are headed! How low will they go?
Grace & Peace & Love to you all -
Matt