Gasoline-making unit at a PBF Energy Inc refinery in Delaware City, Delaware August 21, 2015.  REUTERS/Charles Mostoller - RTX1P4UV

Gasoline-making unit at a PBF Energy Inc refinery in Delaware City, Delaware August 21, 2015.  REUTERS/Charles Mostoller - RTX1P4UV(CNN) Oil plummeted below $30 a barrel on Tuesday for the first time since December 2003. The latest wave of selling leaves crude oil down 19% this year alone. It represents an incredible 72% plunge from crude oil’s June 2014 peak of almost $108.

“The fundamental situation for oil markets is much worse than previously thought,” Barclays commodities analysts wrote in a client note.

Crude oil declined 3% on the day to settle at $30.44 a barrel, marking its seventh day in a row of losses.

All of this is great news for American drivers . The average price of a gallon of gasoline fell below $1.97 this week, compared with $3.68 about 18 months ago, according to AAA.