A rig pumps oil from the Inglewood oil field, seen from the nearby Kenneth Hahn State Recreation Area, in the unincorporated Windsor Hills area of Los Angeles Friday, Feb. 12, 2010. The Inglewood field, one of the richest oil basins in the world where crude was discovered in 1924, sits adjacent to an area of homes once known as the "black Beverly Hills." Rather than eventually playing out and becoming an elaborately planned urban park, a new operator in 2004 began drilling what was planned to be the first of some 600 new wells over the next 20 years, without environmental review. (AP Photo/Reed Saxon)

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The last time oil prices were this low most TCU students were in elementary school.

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:

  1. 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.

    Sports Fan Journal
    Sports Fan Journal
  2. President George W. Bush won a second term over Democratic John Kerry.

    Fox News
    Fox News
  3. Napolean Dynamite championed the halls of high school, while Ron Burgundy learned to work with women.
    IMDb.com.
  4. NASA Exploration rovers Spirit and Opportunity landed on Mars.

    NASA
    NASA
  5. Mary-Kate and Ashley Olsen turned 18.

    Bloglovin.com
    Bloglovin.com
  6. NATO formally admitted: Bulgaria, Estonia, Latvia, Lithuania, Romania, Slovakia and Slovenia.

    NATO
    NATO
  7. Halter tops, denim skirts and hoop earrings were all the rage.

    Getty Images
    Getty Images
  8. Laptops took over the computer game.

    Getty Images
    Getty Images
  9. “Confessions” by Usher was year’s top album.

    albumoftheyear.org
    albumoftheyear.org
  10. And lastly, many mourned the end of an era as “Friends” came to a close.

    E! Online
    E! Online