Oil Prices Drop To Lowest Point Since 1980’s
U.S. oil prices have plunged to their lowest point since the 1980’s.
Prices dropped another 36 percent to $11.54 a barrel on Monday, with futures down to $10.01 a barrel – the lowest since 1986.
With people staying home during the pandemic, producers are sitting on a massive stockpile of crude oil and quickly running out of storage. A price war between Russian and Saudi Arabia earlier this year made things worse.