Why are oil prices plummeting?

Lately there has been an apparent drop in crude oil prices, but why?

And more importantly, how will this affect the prices of fuel?

Brent crude has fallen to $29 a barrel and U.S. crude is in the $29 a barrel range as well.

Standard Chartered has said prices could go as low as $10 a barrel and Goldman Sachs has said it could drop to $20.

Well, cost of gasoline might be going down, but how does this affect the industry in the long run? Will this trend continue?

Watch the video below.