Washington: With U.S. oil falling to its lowest since September 2003 below $28 a barrel on Wednesday, experts warn that further plunge may help it attain the status of the least expensive liquid in the country — cheaper than milk or beer.
According to reports, some experts are talking of oil prices crashing to below $10 a barrel, a level unseen since November 2001.
According to experts, anything below $15 a barrel would mean a near 90% wipeout from peak prices.
In 2008, it peaked at $147 a barrel-briefly going past $4 a gallon in parts of the country — before the financial crisis put the skids on it.
However, Increased oil production by the US, improved technology to extract shale gas, and growing prospects of alternative green energy dragged it down further.