Oil hasn't been this low since 2003 and the market braced for additional oil from Iran to hit the market following the country being freed of sanctions.
Sanctions enforced by the United States and the European Union kept about million barrels per day from being exported from Iran. And the country is now ready to export 50,000 barrels per day, NBC News reported.
The price of U.S. crude oil has been decreasing for more than a year now and it has fallen almost 40 percent in the past three months and was valued around $29.04 a barrel. In the summer of 2014, prices were at a high $100 a barrel.
While the cheap gas has boosted consumer spending, it may also have slowed down the overall recovery of the U.S. economy by forcing major energy companies to reduce jobs and slash investments.