Oil prices drop to six-year low

Oil prices dived as low as $42.85 a barrel Monday, the commodity’s lowest price since 2009.

The plummet in price is due not only to a global surplus of oil, but also continued production by U.S. shale companies and OPEC members like Saudi Arabia, according to CNNMoney.

Tom Kloza, chief oil analyst for the Gaithersburg, Md.-based Oil Price Information Service, said the market could see a price of $30 per barrel before it recovers. That would translate to an average gas price per gallon of $2 in the U.S., where the national average is currently $2.42 at the pump.

The weakening of oil prices has corresponded to a strengthening of the U.S. dollar, now almost on par with the euro. As the dollar’s worth rises, foreign buyers with weaker currencies will see an increase in the price paid for imported oil.

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