U.S. oil prices are crashing.
West Texas Intermediate crude has fallen more than 20-percent to its lowest price in 20 years. WTI is down $4.01/barrel to $14.26 while international benchmark Brent crude is down a $1.08, to $27/barrel.
OPEC, Russia and other producers have not reduced outputs enough to offset the loss in demand because of the coronavirus pandemic which is sucking the life out of economic activity around the world and crippling demand for oil and all energy products.
The price of gas is continuing to dip across Central New York. According to AAA, the average cost for a gallon of regular gas is $2.14. That's down five cents from last week and is 23 cents cheaper than this time a month ago.
The state average is $2.22 a gallon, while nationally it's $1.87.
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