Reuters reports:
Oil prices plunged nearly 4 percent to below $51 a barrel on Tuesday after Saudi Arabia said OPEC production cuts were working well and there was no need for an emergency meeting of the producer group.
U.S. crude traded down $1.92 to $51.07 per barrel at 1831 GMT after touching $50.93, the lowest level since May 31, 2005 in earlier activity. Brent futures shed 82 cents to $52.30.
If the crude drops below $50, our pump prices should go below $2.