Oil prices plunged to barely above the $20 barrel mark in Wednesday’s trading, a level not seen since 2002.
West Texas Intermediate crude dropped $6.58 to $20.37 a barrel, a change of more than 24%. In London, Brent crude dropped $2.29 to $26.44 a barrel for a change of nearly 8%.
Natural gas dropped another 12 cents to hit $1.60.
Chesapeake Energy ended the day down 3 cents, reaching a mark of 18 cents a share, which was a decline of more than 15%.
ConocoPhillips dropped $3.58 and finished the day at $22.67 a share for a decline of nearly 14%. Devon dropped 16% in trading value as its shares lost $1.05 and finished at $5.41 for the day.
At the end of the day, ONEOK was down $6.12 to wrap up trading at $15.37, a decline of more than 28%.
Phillips 66 was down $3.70 and finished at $42.97, a change of nearly 8%.
PSO’s parent company, American Electric Power finished down $2.92 at $88.28.
Oil producers haven’t seen such nightmarish prices like this since the first term of President George W. Bush.