Economy

Gas Prices Plummet To 47 Cents A Gallon In Michigan

Michigan recently became the first state since 2003 to have gas prices hit under $1 a gallon.

Credit: Parade.com

Credit: Parade.com


By John Prager, Addicting Info

Michiganders in Flint may be literally dying thanks to the GOP’s horrific cost-saving measures, but people in nearby  Houghton Lake got to enjoy the lowest gas prices in more than a  decade on Sunday. Prices at two businesses dropped below a half-dollar per gallon, while another nearby station was pumping out fuel for less than a dollar a gallon.

“There have been long lines at the stations for most of the weekend, according to the three stations, with police officers directing traffic in the area due to the congestion,” CNBC reports. Prices at a Marathon station hit 46 cents per gallon while the Beacon & Bridge gas station was as low as 47 cents. The third station dropped its prices to 95 cents a gallon.

These drops were the result of a price war between the three stations, but thanks to the President’s hard work with the Iran deal, fuel prices are reaching record lows. The Huffington Post reports that oil prices dipped down past a 2003 low of $28 per barrel on Monday as Iran prepares to flood the market after the lifting of sanctions over the weekend:

Worries about Iran’s return to an already oversupplied oil market drove down Brent crude LCOc1 to $27.67 a barrel early on Monday, its lowest since 2003. The benchmark was down 12 cents at $28.82 by 1537 GMT.

U.S. crude CLc1 was down 27 cents at $29.15 a barrel, not far from a 2003 low of $28.36 hit earlier in the session.

“Iran’s return to the oil market has been on the agenda for some time and therefore does not really come as any great surprise,” Commerzbank senior analyst Carsten Fritsch said of the situation. “Nonetheless, prices were bound to react negatively in the short term in view of the negative market sentiment.”

It is expected that Iran will increase oil on the market by an extra 500,000 barrels per day in the short-term, but Tehran says it will add 1 million barrels per day to its current output by the end of the year.

While some, particularly investors in the oil market, may cringe at this new reality in the oil market, average Americans will enjoy not having to mortgage their homes to drive to work. Normally, it would be uncouth to blame a President for high gas prices (or credit one with low prices) but Republicans have repeatedly reminded us that President Barack Hussein Soetoro Obama, socialist dictator, owns the Iran deal.

So, thanks, Obama!

Watch a report on these historic prices below:


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