Wine Cheaper Than Water in Australia

(MYFOX NATIONAL) - An oversupply of grapes, lower international demand and the struggling economy has forced some Australian wine retailers to sell their products at bargain basement prices.

According to news.com.au , major wine retailer Dan Murphy's is currently selling some wines for $1.99 a bottle -- cheaper than some bottled water.

"We've seen growers who didn't bother picking their grapes this year," said wine industry critic and judge Stuart Gregor. "There is a huge oversupply and we have more grapes than we are selling, and prices are being pushed down."

Australia's biggest winemaker, Foster's, has reportedly been forced to sell 31 vineyards across the country as the industry faces its worst crisis in 100 years.

In the U.S., a cheap wine known as "Two Buck Chuck" from the Charles Shaw label has won several awards including the double gold medal at the 28th Annual International Eastern Wine Competition. It beat out 2,300 other wines to win the competition.