Gas Under $2 a Gallon in Southern Tier
I drove by a gas station this morning on my way to work and the price for regular unleaded was $199 a gallon.
Other states are reporting prices well under $2 a gallon, and in Michigan price wars have dropped gas below $1 a gallon, with one station in Houghton Lake selling it for 47 cents.
Crude prices in the US have dipped down over 70 percent in the past year and a half.
Why is this happening? The USA's production of oil has doubled over the past few years, and we no longer need to import the quantities of oil that we had in the past.
This reduces the price in other countries, the middle east is looking to sell their oil to other countries, and the price has come way down.
The lower gas doesn't come without a price, about 40 companies in our country have gone bankrupt, thousands have lost their jobs and the big oil companies like BP and Chevron have announced payroll cuts to save on costs.
The current nation average for a gallon of gas is $1.870, the first time we have seen it below $2 since 2009.
The experts say this will last for a while, but like all good things it won't last forever.
Enjoy the Kinks tribute to the dark days of gas pricing.