While gas prices are low nationwide, some stations are slashing the fuel's price to rock-bottom levels to the tune of less than 50 cents a gallon.

The drastic price cuts are part of a gas price war at three Houghton Lake, Mich., stations.

Athit Perawongmetha | Reuters

During the last three days, the prices dropped below a buck per gallon, falling as low as 46 cents at Sunrise Marathon. Meanwhile, the Beacon & Bridge gas station was as low as 47 cents, said employees of each station in interviews with CNBC.

A nearby Citgo says its prices slumped to 95 cents a gallon.

Read MoreThe coming bull market for oil, but not for stocks

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.