As the global market reels from an oversupply of crude oil, gas prices in the United States have continued to plummet. Over the weekend, drivers in Michigan, who were caught in an alleged price war between two prominent gas stations, were able to fill up their cars with gas priced well below a dollar per gallon, according to USA Today.
In Houghton Lake, Michigan on Sunday, customers of the Beacon and Bridge Market was selling regular unleaded gas at a very low price of $0.47 per gallon, while the Marathon Citgo had gas priced at $0.95 per gallon at one point during the weekend.
Patrick DeHaan, GasBuddy's senior petroleum analyst, believes that the gas stations in Michigan might be the first retailers who opted to drop gas prices well below a dollar per gallon, reports ABC 6 News.
The petroleum analyst further stated that the gas stations involved are probably involved in a price war and that they are currently "losing money," according to KWQC News.
During the height of the price drops, the lines of cars waiting to gas up were so long that they had to be directed properly by local traffic.
The massive price drop in gas prices was not permanent, however, with the prices going up to $1.46 and $1.47 a gallon on Monday.
With Iran about to start exporting its oil in massive quantities again, however, the prices of gas might very well plunge some more.
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