(MaraviPost): The price of gas hit a stunning low — just 47 cents per gallon — in Michigan on Sunday.
Michigan was the first state to have gas under $1 in likely over a decade, Patrick DeHaan, senior petroleum analyst at GasBuddy.com, told reporters in the USA today.
A gas station in Houghton Lake, Michigan, hit the 47 cents mark after a price war between three stations in the town, DeHaan said.
According to New York Times, the cause is the plunging price of a barrel of oil, which has been cut roughly by more than 60 percent since the high of June 2014.
Prices have recovered a few times last year, but a barrel of oil has already sunk this year to its lowest level since 2004. Executives think it will be years before oil returns to $90 or $100 a barrel, pretty much the norm over the last decade.
The declining Kwacha unfortunately will make it unlikely that Malawians will enjoy the same benefits.
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