Gas Selling For 47 Cents per Gallon.

[Rocky C]

Oil prices reached a 2003 low below $28 per barrel on Monday as the market braced for a rise in Iranian exports after the lifting of sanctions against Tehran over the weekend.



CNBC and several local outlets reported that prices at two gas stations in Houghton Lake, Michigan, had dropped to below a half-dollar per gallon, while a nearby Citgo was filling cars for 95 cents 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."


The United States revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.


Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), issued an order on Monday to increase production by 500,000 bpd, the country's deputy oil minister said.


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

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[USMC 2571]

Whatever works out best for us, not them, is good.

[Rocky C]

Yes indeed !!!

[irpat54]

that was do to a local price war,, the gas stations around us are about $1.60 per gallon,, and dropping,, here in Pierson Michigan..

[Hammer]

...as they say " a saw cut's both ways ", and I'm afraid that when the prices go back up, they will make their money back quickly and painfully!

[Rocky C]

Say it ain't so lol...

[2 Marine Mom]

1.47, here in Nebrasks, it might be a good time to buy, into some, oil stocks, if you can.. Just think of all the money you'd make, when it goes back up. Enough to fill your car once or twice. I think, now would be the time, to kick up our production, put people back to work, and stop, buying their stuff. and tushay!!! there ya go, OPEC.

[Rocky C]

That's a great price. Here in Rhode Island it's still around $2.00 a gallon. ( State Taxes ) but right over the line in Massachusetts it's right around $1.70.

[Apache]

Yes but -- this affects overall economy
Deeper than my understanding. But financial guy says not so good as it seems

[2 Marine Mom]

I been hearing rumblings, of the prices gonna be going up, pretty soon. Which stinks. The parties, gonna be over, pretty soon, I guess. nice while it lasted.