U.S. oil dropped below $30 a barrel during trading Tuesday. That’s the lowest price since December 2003.
The dip in price happened on the same day Washington state held a public hearing about a proposed oil terminal at the Port of Vancouver.
Oil was more than $100 per barrel when the Vancouver Energy Project was first announced back in the summer of 2013.
Still, backers of the oil terminal said the joint venture, between oil company Tesoro Corp. and logistics firm Savage Industries, is insulated from current market conditions.