fill up your cars and trucks with gas now, oil just dropped 2 dollars to $47 a barrel

It's not likely to stay under 50 for more than a day or two

light sweet crude for January delviery was down 5%, at $47.41 a barrel on the New Yok Mercantile Exchange. Brent, the global benchmark, fell 3.7% to $57.39 a barrel

https://www.wsj.com/articles/oversupply-worries-drag-oil-prices-sharply-lower-11545130115

Shares in the largest oil companies in Europe dropped to their lowest level in eight months on Tuesday, dragged down by across-the-board equity sell-offs in global markets and tumbling oil prices due to fears of oversupply and slowing economic growth.

Shares in Shell, Total, Eni, and Equinor were all down in the early afternoon in Europe on Tuesday, while Aker BP led the losses in the oil sector with more than a 9-percent decline.

Apart from the sector and global sell-offs, Shell was also dragged down by a report by Bloomberg, saying that the supermajor is in talks to buy Midland, Texas-based Endeavor Energy Resources for some US$8 billion, nearly half what Endeavor Energy Resources was hoping to get earlier this year.

https://oilprice.com/Energy/Energy-General/Big-Oil-Stocks-Crash-As-Crude-Prices-Tumble.html

The IEA expects U.S. oil production to grow by 1.3 million barrels per day (mb/d) in 2019. But oil prices could significantly impact those projections. “Total U.S. shale oil growth is highly sensitive to WTI prices in the $40-60 range,” Morgan Stanley wrote in a December 13 note.

https://oilprice.com/Energy/Crude-Oil/Shale-Under-Pressure-As-Oil-Falls-Below-50.html