The price of West Texas Intermediate oil lost all of its value Monday, plummeting to less than $1 per barrel in midday trading before May futures contracts dipped into negative numbers.

It's the lowest price for oil on record as stockpiles overtake demand.

June contracts remained in the $21-per-barrel range, a silver lining for the U.S. energy sector already hit with an international price war and falling demand during the coronavirus pandemic. May contracts expire Tuesday, and oil futures are known to be more volatile as producers rush to get rid of their supply before the contract period ends.

While low oil prices could translate to cheaper gasoline at the pump, it could also have ripple effects in Oklahoma's economy as energy producers halt operations until the price improves.