It's now facing the weakest oil price since the first term of President George W. Bush.
The acceleration reflects a growing realization of just how much the coronavirus outbreak is slamming the world economy.
The relentless selling is being driven by a crushing combination of excess supply and shrinking demand.
The coronavirus pandemic has caused global travel to collapse, eating into the world's once-insatiable thirst for oil, which powers the economy.
At the same time, Russia and Saudi Arabia picked a terrible time to step away from roles as price stabilizers.
Goldman Sachs warned Tuesday evening of an "inevitable fall" in US oil prices to around $20 a barrel during the second quarter.
That calls into question how much American consumers will really benefit from the oil crash. »