CNNMoney | Here we go again: Oil plunges below $40 again CNNMoney Not only is there an historic oversupply of crude, but gasoline inventories are now at record highs, despite the fact that it's summer driving season. The fear is that the backlog will force refiners to dial back their demand for oil, deepening crude ... US oil posts worst settlement since April 20, closes 3.7 pct lower, at $40.06 Oil plunges below $40 per barrel Oil dips below $40 a barrel as bears seize on glut fears |