On Monday, Google announced a 20 percent price cut for its cloud-based storage services. On Wednesday, Amazon announced a 25 percent price drop for its S3 cloud storage. In response, Google lowered its prices again on Thursday--by an additional 10 percent.
At the time of writing, Google's prices were lower than Amazon's for standard cloud storage. However, Amazon only charges $0.01 per GB for its Glacier service, and Google doesn't have a comparable offering.