Oil prices Oil price falls below $28 a barrel - less than cost of an actual barrel

The use of oil in every part of our daily lives means consumers are dependent on the market

Getty

Over a barrel: But dropping oil prices mean it's not worth the vessel it's stored in

Oil prices affect our daily lives, as consumers, drivers and commuters - but the new 12-year low in the cost of a barrel is an unusual situation.

With the lifting of sanctions against Iran, the market, already oversupplied, is expected to be flooded.

It's the anticipation of this which pushed the price of Brent crude down below $28 - or £19.60 - on Monday.

Bizarrely, that makes the cost of the oil inside a barrel less than the cost of a barrel itself.

Read more: Chelsea and Arsenal owners lose over £1BILLION as oil prices drop dramatically

But in a world where fossil fuels are finite, the worries about reserves of oil took a backseat as people took to Twitter 

Patrick DeHaan @GasBuddyGu