Houghton Lake, Michigan — an area that boasts more snowmobiles than cars this time of year — is the first city to see gas prices dip below $1 a gallon.
Patrick DeHaan of GasBuddy.com posted a picture Sunday of a BP/ Beacon & Bridge Market station with prices as low as $.78 a gallon. A nearby Marathon station had prices of just 95 cents.
SUB-$1 GAS RETURNS: 78 cents per gallon- the current #gasprice at a station in Houghton Lake, Michigan pic.twitter.com/nllE5a6yLO
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) January 17, 2016
“It appears these stations are currently the first stations in the country to see prices under $1 per gallon in years. As the situation unfolds, it’s possible these stations re-raise prices back over $1/gallon,” according to the GasBuddy website, NBC 25 reports.
WXYZ reports the station’s prices are the lowest in the country.
Meanwhile, oil and gas drillers are feeling the pinch.
“It’s a very unusual set of circumstances where too much of a good thing is a bad thing,” says Fadel Gheit, senior oil and gas analyst at New York investment firm Oppenheimer & Co, according to PennLive.
Analysts predict prices will fall even farther, going as low as $20 a barrel.
“The second half of 2016 will be very unpleasant for many companies,” Gheit says.
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