Petrol drops to 10.1 c litre in Michigan fuel war
Gas plummets to 46 cents a gallon in small Michigan, US town
Industry experts predict oil could drop even lower to $20 a barrel. Having detrimental effect on economy
by Joshua Krause – Activist Post
January 18, 2016
For those of you old enough to remember a time when gas was cheap, you probably experience plenty of nostalgia every time you watch an old movie, and catch a glimpse of a gas station with sub-dollar prices. Believe it or not, you can experience those prices once again if you happen to be passing through Michigan. For the first time in years, there are several gas stations in the area where you can buy a gallon of gas for less than a dollar.
The slump in global oil prices has already pulled prices down across the country, but three gas stations in Houghton Lake, Michigan are involved in price war that has driven prices even lower. The local Citgo Station is selling for 95 cents a gallon. The Beacon and Bridge gas station is selling fuel for 47 cents a gallon, and the Sunrise Marathon is selling for 46 cents a gallon. Not surprisingly, there have been long lines at these stations all weekend, and police officers have been deployed to direct traffic.
And if you can believe it, oil prices may still have a ways to go, with some experts predicting that it could fall to $20 per barrel or less. One Koch Brothers owned refinery claimed that they would need to be paid 50 cents a barrel to break even on a low-grade oil, that would have netted them nearly $50 a barrel last year. It’s safe to say that the gas station situation in Houghton Lake may be replicated in other parts of the country in the near future, so enjoy the low gas prices while they last.