Texas oil price plummets below $1 as the coronavirus pandemic's economic woes continue battering the state

A pump jack near Odessa at the Odessa Ector Power Plant. Ben Powell for The Texas Tribune

Oil prices plunged to their lowest level since at least the 1980s on Monday when the cost for a barrel of crude dropped below $1.

The coronavirus pandemic has kept most of the world at home and not using fuel to commute or travel, which has led to a devastating decline in demand. The price of oil has crashed at a rapid rate since it began the year in the $60 range, representing a drop of more than 90% in just three months. The price of oil had been hovering around $20 a barrel recently.

This is a developing story and will continue to be updated.