Oil Prices Now
Of course, far from a supply shock, the current oil market is often described as having a supply glut at the moment. The continued growth of fracking has unlocked oil fields in the United States that have helped make it the biggest petroleum producer in the world as of last year.
That new source of supply means there’s a lot more oil sloshing around that has helped drive down prices. Oil was trading at over $100 a barrel as recently as 2014, but today is under $60 a barrel.
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