Crude oil is at a 12-year low and that means it’s even cheaper than milk.
The price of one gallon of West Texas Intermediate crude is equivalent to about half a gallon of Class III milk, the benchmark traded on the Chicago futures market. That’s the lowest ratio since 2004.
WTI dropped to $26.19 a barrel in intraday trading Wednesday, the lowest level since May 2003. That’s equivalent to 62 cents a gallon. Milk futures traded at $13.74 per 100 pounds, or $1.18 a gallon.