The price of oil is tumbling again, rattling an already-shaken oil industry and heralding lower prices for consumers.
The price of oil fell 10 percent this week, approaching its lowest price in six years. Many expect it to fall further in the coming weeks because supplies are rising and the summer driving season is still months away.
The lower crude prices will mean gasoline prices will also slide lower in the coming weeks, and many drivers will likely pay under $2 a gallon in the summertime for the first time since 2004.
Oil prices had appeared to stabilize in a range nearly 15 percent higher than the depths they had reached in late January. But on Friday the International Energy Agency called a recent rise in oil prices a “head fake” and a “facade of stability,” saying the rebalancing of supply and demand triggered by the price collapse has yet to run its course.
On Friday, oil fell $2.21, or 5 percent, to $44.84 a barrel, within 40 cents of its low for the year of $44.45.