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Predictions call for gas prices to continue rising
(NEWSCHANNEL 3) - Gas prices are on the rise, and experts predict it's only going to get worse.
As of 5:00 Wednesday evening, a gallon of regular was going for $3.89 at the BP in Byron Center.
According to an expert with GasBuddy.com, the average price in Michigan was $3.88, and the highest it will go in the next few months is estimated in the low $4 range.
The $4 mark is what some people are considering the tipping point.
"I'm old enough to remember when gas was $0.25 a gallon, here it is $4 a gallon," Tom Chandler told us.
So why are we paying more at the pump?
"Apparently, there's a lot of investors that believe oil demand is going up and that they can buy low and sell high," said Patrick DeHaan, with GasBuddy.com.
DeHaan sees a light at the end of the tunnel, though, saying oil prices were down Wednesday, but there's still Governor Snyder's proposal to up the gas tax to help fund infrastructure repairs.
"If the Governor passes a bill that authorizes another 14 cent gas tax, 14 cents will be added to retail prices, it'll just go right up," he said.
As long as prices climb though, many drivers like Tom Chandler will drive and spend less.
"People are going to start, and myself included, won't eat out as much," Chandler said. "And that in turn is going to hurt the economy cause a lot of people work in the food industry."
Some experts are predicting a more dramatic increase than that, however, so we may have to wait and see.