Old and new oil producers alike are ramping up output as sanctioned barrels from Russia search for buyers, putting a record 1.3 billion barrels of crude on the world’s oceans. Benchmark oil prices are heading for their biggest annual loss since the pandemic, while US gasoline at the pump is less than $3 a gallon for the first time since 2021. The drop is good news for consumers and the politicians who’ve made a point of addressing their cost-of-living concerns, including US President Donald Trump. But it’s also an economic threat to some of the largest producers, like Russia and Saudi Arabia. Oil is as cheap as it was about a decade ago, without adjusting for inflation. Bloomberg News Managing Editor for Energy and Commodities Americas Simon Casey joins Bloomberg Businessweek Daily to discuss. He speaks with Carol Massar and Tim Stenovec. (Source: Bloomberg)