Oil prices heading down even further and that may be great for your wallet, but not so great for the industry.

FOX's Jill Nado has more from Washington:

Crude oil futures have hit their lowest price since 2003, right around $30.00 a barrel. Triple-A says the national average price for a gallon of gas right now is about a $1.69 a gallon...

And industry watcher Trilby Lundberg says that trip to the pump is going to get even cheaper:

(Lundberg) "Instead of just a few pennies, we might see several cents decline at the pump. There'll be a slight delay, but the direction is clearly down at this point."

But oil companies are slashing jobs along with those prices. BP announcing 4,000 people are getting laid off, while Chevron is losing about 7,000.

Jill Nado, FOX News.