Back in 2012, Republicans were in full-speed fear mongering mode about the price of gas under President Obama. According to Senator Mike Lee (R-UT), gas would head to $5.45 a gallon by 2015. For his part, then-Republican presidential candidate Newt Gingrich predicted that an Obama re-election would push gas prices to “$10 a gallon.”
Fast forward to Michigan in 2016 and gas prices are down to a mind-blowing 47 cents a gallon. That’s right, 47 CENTS.
Michigan was the first state to have gas under $1 in likely over a decade, Patrick DeHaan, senior petroleum analyst at GasBuddy.com, told ABC News 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.
GasBuddy.com’s data goes back to 2000 and DeHaan said he couldn’t find any other averages that low in the U.S.
“This is something we don’t see often at all or ever,” DeHann said. “That’s unheard of.”
Considering an average gas tank size of about 14 gallons (small cars are in the 12 gallon range, while sedans are closer to 15-16), it would take a whopping $6.58 cents to top off your car at this Michigan station, compared to the $140 wallet-buster predicted by Gingrich and company.
Gas prices are of course not something completely within the control of the President – world events, global supply, and a host of other factors influence the price of gas. But at the same time, President Obama has pushed for increased oversight of the energy industry while mandating they conduct business in a cleaner fashion – initiatives the right insisted would lead to massive fuel prices. It hasn’t.
It is proof that in many ways we can have our cake and eat it too – low fuel costs without simply accepting the downside of fuel-based pollution.
In March of 2010, gas hit its peak of $3.99/gallon, which has plummeted to a nationwide average of $1.88 today. Just since December 2015, gas has dropped down 12 cents a gallon.
Featured image via Flickr