Oil prices have been in a free-fall for nearly four months, and Tuesday's $4 plunge was That's the lowest since November 2010. the 2008 crash, the sharp drop in prices this time around is being caused by a supply glut.
It's a sign that the U.S. oil boom is not slowing enough to rebalance the output did start to decline year-over-year for the first time since 2010.
The oil glut was a serious surplus of crude oil caused by falling demand following the . world oil market chronology · oil glut. Andrea Coombes's Working Retirement. How long will my money last? The Gulf hasn't been responding to the oil crash because deepwater projects require enormous lead times, making them less susceptible to price fluctuations. Urban Transportation Planning in the United States An Historical Overview. That is looking unlikely, as is any help from OPEC to boost prices as Saudi Arabia sits quietly on the sidelines.