There's too much supply! That's why it's the lowest price its been. Suppliers have run out of places to put it so they are letting it drift at sea and trying to use it up by boating around. There's no where else to put the excess capacity, yet everyone keeps drilling it because they have too. The loss from selling it cheap is often small than the loss of temporarily not selling it at all.

Don't downvoat me! It's not my fault you haven't been following the financial commodities meltdown. We are entering a deflationary cycle.