Once more, with feeling: As Google Drive slashes prices, how low can storage prices go?

It’s déjà vu all over again: Google is cutting the prices on Google Drive cloud storage. The price for 100GB is now $1.99 per month, down from $4.99; 1TB is now just $9.99 per month, compared to $49.99 before. This is consumer-oriented storage, for users’ documents and photos, but the downward pricing pressure mimics what’s been happening on the developer-focused cloud storage front as well.

For example, there was a flurry of back-and-forth cloud storage price cuts between Google(s goog) and Amazon(s amzn) right around the inaugural AWS Re:Invent event. Those cuts made it clear that storage is sort of like the crack cocaine of cloud computing: Vendors bank that if you put your stuff in their cloud, you’ll keep coming back for more storage and potentially add more higher-priced services.

For Google Drive, a relevant comparison is Microsoft OneDrive (formerly known as SkyDrive). Microsoft just offered an array of freebies for that product that gave users 7GB for free and, should they add another 50 GB, they pay just over $2.00 per month ($25 per year). Microsoft also just announced a standalone business plan for OneDrive.

And of course, there’s Dropbox, the well-funded company that built its entire business on easy-to-use cloud-based file storage, share and sync. Dropbox gives users 2GB for free. The Pro version for up to 100GB is $9.99 per month.

Here’s Google’s pricing:

gdrive price

And here’s the most recent OneDrive pricing (note Microsoft prices are per year, while Google’s are per month):

Microsoft OneDrive

Microsoft OneDrive