Gas prices, just below $2 nationwide based on the average cost of a gallon of regular, have dropped to 77 cents at one station in Houghton Lake, Michigan, according to GasBuddy. The price is due in part to a price war. Two stations close by are selling regular for $.95 a gallon.
The 77 cent gas is available at Bacon and Bridge Market. The Marathon station at 9286 West Lake City Road and the Citgo station at 9469 West Lake City Road are selling 95 cent gas.
Iran sanctions have been lifted which will wash the world with more oil. By some estimates, the country can export 500,000 barrels a day. The current national average is $1.90. As crude collapses toward $25, gas prices are on their way down, again.
In several states, the average price for a gallon of regular gas has dropped below $1.70 and according to GasBuddy, prices in these states continue to drop. Among them are Oklahoma at $1.57, Missouri at $1.63, Alabama at $1.66, South Carolina at $1.66, Arkansas at $1.66, Kansas at $1.67, and Tennessee and Texas, and Missouri at $1.68. Read more at 24/7 WALL STREET.