Closing price: $87.46 per barrel (down)
National gas average: $3.01 (down)
Expect oil prices to drop even more.
1. Weak dollar (again)
Yes, this is essentially permanent. A lower dollar makes oil cheaper in countries that use other currencies.
2. Rising U.S. inventories
Sending prices down.
3. Boost in U.S. domestic production
Also sending prices down.
Companies that use oil everyday (think: Boeing) are happy about this. As said previously, oil prices will continue to sink and eventually level out.