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Oil prices are on a free fall, plunging below 60-dollars a barrel on the open market. If it gets much lower, producers warn that rigs could be shut down and workers sidelined.
Jay Young, who heads the King Operating Corporation in Texas, says pumping oil is expensive. He says the ideal oil price is around 80 bucks a barrel. The price decline is being attributed to an OPEC announcement that they are not planning on cutting production.
