Libya's oil terminals — like the Brega refinery and oil terminal, pictured in March 11, 2014 — are being fought over by militias and by the nation's two rival governments. The conflict is drying up production, and may have a devastating impact on the nation's battered economy. Abdullah Doma/AFP/Getty Images hide caption

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Tracy Perryman is production manager for his family's small oil company in Luling, Texas. B.J.P. Inc. owns 116 wells that, combined, produce about 100 barrels a day. John Burnett/NPR hide caption

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Tankers are berthed beside the Fawley oil refinery on Jan. 7, in Southampton, England. With low oil prices, some traders are buying oil and storing it in tankers, hoping the price will rise soon so they can sell it at a profit. Matt Cardy/Getty Images hide caption

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An excavator loads a truck with oil sands at the Suncor mine near the town of Fort McMurray in Alberta, Canada in 2009. Environmental groups that oppose oil sands mining have pointed to delayed and canceled projects as a sign of recent success. Mark Ralston/AFP/Getty Images hide caption

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President Vladimir Putin speaks in Moscow on Dec. 23. Russia's current economic crisis stems from Western sanctions and diving oil prices. Maxim Shipenkov/AFP/Getty Images hide caption

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A sculpture of oil workers in Caracas, Venezuela. The country is heavily dependent on oil exports, and falling oil prices have had a ripple effect on the country's already troubled economy. Ariana Cubillos/AP hide caption

itoggle caption Ariana Cubillos/AP

Iraqi Finance Minister Hoshyar Zebari announced Tuesday that the Iraqi government and the Kurdistan region have started implementing a deal under which Baghdad resumes funding Kurdish civil servant salaries in return for a share of Kurdish oil exports. Ali Abbas/EPA /LANDOV hide caption

itoggle caption Ali Abbas/EPA /LANDOV

Casa Dominique is an ecolodge on Lanzarote's northern coast. Julie Genicot, a French trekking guide, has lived in Lanzarote since her grandparents opened the Casa Dominique when she was a child. She worries that offshore oil drilling might ruin the natural environment she grew up in. Lauren Frayer/NPR hide caption

itoggle caption Lauren Frayer/NPR

The lowest gas prices in years are seen Wednesday on a fuel sign in Lawrence, Kan. A day later, OPEC decided to maintain current production levels, virtually ensuring continued low prices at the pump. Orlin Wagner/AP hide caption

itoggle caption Orlin Wagner/AP

Pipes for TransCanada's planned Keystone XL pipeline are stored in Gascoyne, N.D. The U.S. House has voted to approve the proposed project, which would allow crude oil to flow from Canada to the Gulf of Mexico. The Senate plans to vote Tuesday on legislation that would greenlight the project. Andrew Cullen/Reuters/Landov hide caption

itoggle caption Andrew Cullen/Reuters/Landov

Ray Gerrish repairs a drilling rig near Watford City, N.D. Oil industry analysts predict that oil prices will have to remain low for at least several months before having a significant effect on U.S. production. Jim Gehrz/MCT/Landov hide caption

itoggle caption Jim Gehrz/MCT/Landov

Pumpjacks at the Inglewood oil fields in California in March. Some of the most controversial methods of oil extraction, like fracking, oil sands production and Arctic drilling, are also expensive. That's made them less profitable as the price of oil continues to fall. Richard Vogel/AP hide caption

itoggle caption Richard Vogel/AP

U.S. Secretary of State John Kerry speaks with Saudi King Abdullah bin Abdul Aziz al-Saud as the Saudi ambassador to the United States, Adel al-Jubeir, listens before a meeting at the Royal Palace in Jiddah, Saudi Arabia, on Sept. 11. Brendan Smialowski/AFP/Getty Images hide caption

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A fireball goes up at the site of an oil train derailment in Casselton, N.D., in this Dec. 30 photo. The fiery crash left an ominous cloud over the town and led some residents to evacuate. Bruce Crummy/AP hide caption

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Pump jacks are seen in an oil field over the Monterey Shale formation near Lost Hills, Calif. Much of the U.S. oil industry wants to lift an export ban that followed the 1970s energy crisis. David McNew/Getty Images hide caption

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