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Gas Price in the US Drops Below One Dollar per Gallon for the First Time in 27 Years

We keep hearing about the huge dip the international oil price is experimenting these days, but what we really care about is how that is reflected in the actual money we pay for a full tank.
B & B Gas station in Michigan 1 photo
Well, last Sunday, a gas station in Houghton Lake, Michigan, posted prices that must have had people rub their eyes in disbelief. One gallon of regular cost almost one dollar less than the state average, which was set at $1.72. However, WXYZ - an ABC affiliate - reports that the Beacon & Bridge Market was asking its customers only $0.78 in return for a gallon of gas. That’s almost like giving it for free, right?

Those who don’t live in the area are probably a little envious at the more fortunate residents of Houghton Lake, especially since this escalation came as a result of a price battle between two stations, so the lines weren’t even that long. According to GasBuddy, the prices went as low as $0.47 for a brief moment, which we can all agree it’s just ridiculous.

In the meantime, it’s all back to normal, as a quick check on GasBuddy will confirm. But even though there aren’t any exaggerated bargains going on, the Houghton Lake area still has gas prices well below the state average, with one Marathon station continuing to post a whimsical price of $1.31 per gallon at the time of writing.

Here is something to make all those living in parts of the country with more sensible fuel prices feel a lot better: if you think you’re being ripped off every time you go to the gas station, think about the poor souls in Europe. Most of them would be happy to pay the equivalent of $1.31 per just one liter (that’s 0.26 gallons), as it would still be less than what they need to take out of their wallets right now.

This incursion in the below $1 per gallon zone was the first one to happen in almost 27 years. Yes, it was just a fluke, but it couldn’t have happened had the prices not gone down all over the world the way they have.

 
 
 
 
 

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