Oil prices have plunged below $100 a barrel and are now lower than $80, a sharp drop from the peak of $113.30 in mid-October, according to data from the U.S. Energy Information Administration.
The drop in prices is attributed to a series of factors, including the expiration of the Keystone XL pipeline and increased U.K. restrictions on imports of oil.
The decline in oil prices has caused a global glut, which has led to an increase in prices for natural gas and other fuels.
But in some countries, oil prices have already surpassed those of coal, oil, natural gas, and other sources.
This article is based on data provided by Bloomberg New Energy Finance.