It didn't last long, but some residents in Northern Michigan saw gas prices drop below $1 on Sunday. The site GasBuddy.com first picked up on the news at several stations in Houghton Lake, where an apparent price war temporarily drove prices below the milestone level, reports WXYZ. "It appears these stations are currently the first stations in the country to see prices under $1 per gallon in years," says GasBuddy. Prices of 95 cents, 78 cents, and, incredibly, 47 cents a gallon, were reportedly spotted, and NBC 25 reports that police were directing traffic as a result.
However, prices at the stations rose back up to levels of about $1.50 later Sunday, reports MLive. The price of gas is falling quickly all across the US, with the national average dropping to $1.94 last week, down 6 cents from the previous week, reports cars.com. The price plunge comes amid a backdrop of falling oil prices—a barrel is now below $29, the lowest level in more than a decade.