It is a historically-bad day for the oil markets.
Amid continuing disagreement between Saudi Arabia and Russia over oil production levels, a global price war has ensued.
As of 8 a.m. CDT Monday, West Texas Intermediate Crude was down more than 23% to $31.50 a barrel. At those levels, it would be the worst day for oil in nearly three decades.
The dizzying drop for oil means even more relief is coming for consumers, in the form of lower gasoline prices. GasBuddy.com analyst Patrick DeHaan told KRLD, "Wholesale gasoline prices are down some 25 cents a gallon. Stations are generally a little bit slower to pass along the drop, but know that later tonight, those stations will be paying 20-to-25 cents a gallon less."
The Dallas-Fort Worth average for regular unleaded was at $1.98 Monday morning.
DeHaan gave an overview on oil and gas prices to KRLD's Chris Sommer.
