The price of crude oil has not seen such a precipitous drop in price since 2008 when the overall economy cratered. On July 11th, 2008 crude closed at $144.96. On December 19th, 2008 crude closed at $33.17. Today the economy is not imploding. The drop in price is attributed more to an excess of supply instead of a weakened demand. The spot price of crude is currently trading below $42, less than half of its $96 price twelve months ago. Some analysts are calling for a price below $30 a barrel.