Oil prices sank more than $10 a barrel in the last week, highlighting just how quickly commodity markets can swing in the throes of a crisis.
Just two weeks ago oil flirted with $100 a barrel. Most major forecasting agencies, including the U.S. Energy Information Administration, were calling for even higher oil prices for the second half of the year as growth in global demand outstripped growth in supply. Those forecasts were the rationale behind tapping the nation's strategic oil reserve in June.
What a difference a week makes.
Good news, now I will be able to fill up my vehicle at 10% less.