Oil prices closed at a 12 year low of $28.02 a barrel Tuesday, after plummeting 70 percent in the past 15 months in regular trading on the Nasdaq.
“The world is producing more oil than we can use,” said Barton Simpson, a managing partner of Live Oak Railroad. “Supply of crude is backed up and is dropping [in] price. Some companies and regions don’t even have a place to store it, so that’s why prices are dropping.”
Live Oak Railroad supplies frac sands, aggregates and other materials needed for oil field production and fracking in South Texas.
People might also remember 2004 for:
- Super Bowl XXXVIII came to be known for Janet Jackson’s ‘wardrobe malfunction’ during her halftime performance with Justin Timberlake. The game between the Carolina Panthers and New England Patriots racked up 140 million viewers.
- President George W. Bush won a second term over Democratic John Kerry.
- Napolean Dynamite championed the halls of high school, while Ron Burgundy learned to work with women.
- NASA Exploration rovers Spirit and Opportunity landed on Mars.
- Mary-Kate and Ashley Olsen turned 18.
- NATO formally admitted: Bulgaria, Estonia, Latvia, Lithuania, Romania, Slovakia and Slovenia.
- Halter tops, denim skirts and hoop earrings were all the rage.
- Laptops took over the computer game.
- “Confessions” by Usher was year’s top album.
- And lastly, many mourned the end of an era as “Friends” came to a close.