In Michigan, gas price drops to 47 cents a gallon

Drivers in Michigan were surprised on Sunday when gas prices didn't go up, but rather hit a new low — 47 cents a gallon.

The cost was the result of a price war between three gas stations in Houghton Lake, Patrick DeHaan, senior petroleum analyst at GusBuddy.com, told ABC News. He added this was likely the first time gas went under $1 a gallon in the United States in more than a decade. "This is something we don't see often at all or ever," he said. "That's unheard of."

It's believed that the next lowest price in the nation is $1.29 a gallon at a station in Virginia, DeHaan said. GasBuddy.com says gas prices in the United States are averaging $1.889 today, down from last year's average of $2.061. DeHaan said cheaper prices at the pump are due to low oil prices, as well as high supply and low demand for oil.

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