With Saudi Arabia promising to maintain its current petroleum production levels and recently revoked Iranian sanctions on gas imports, the price of a gallon of unleaded has reached lows reminiscent of the last century. Prices have gone so low for a gallon of gas that in some places it has dropped below a buck a gallon.
A small price war has even begun in a city on Michigan. Local stations reported that three different stations have dropped their prices to under fifty cents a gallon. If you happen to live nearby, feel free to fill up a bucket of the stuff for a rainy day.
While there are macroeconomic issues at play over the current price of a drum of petroleum, the consumer has never been so lucky. As the economy is still recovering from the calamitous Great Recession of 2007, the average river is at least catching a break at the pump.
Read more about the price wars in Michigan on page 2.