GasBuddy: Prices to start dropping Tues

WYOMING, Mich. (WOOD) - Gas prices neared $4 per gallon at the BP station at the intersection of 36th Street and Buchanan Avenue in Wyoming Monday.

"It is something I have dubbed in the past called 'Speedway effect.' It is simply the effect of having one large company operate a lot of stores. They have a lot of pricing power, and whatever price they set, everybody follows," said senior petroleum analyst Patrick DeHaan with GasBuddy.com.

He said he expects prices to start coming down from around $3.95 per gallon as early as Tuesday.

"Each time prices go up in West Michigan, they start going down almost immediately. Take today: We saw stations go up to $3.95 a gallon. Already tonight, or perhaps first thing tomorrow, you'll start seeing stations drop their price a few pennies at a time. Now, it will take time for them to drop more significantly," said DeHaan.

Experts expect gas prices to rise this summer, which is typical. But those prices aren't expected to be rise dramatically.

"The good news is we probably won't see record prices this year. Of course, that is not to say it can't happen, but it is very unlikely that we see record prices this summer," said DeHaan.

The price of $4.29 per gallon is the record high in Grand Rapids.

Throughout the summer -- barring anything major -- DeHaan said prices likely won't spend much time above the $4 mark, if any.

"For those planning vacations, look at the month of June. Historically, June is the summer month that features, by far, the lowest gas prices of the summer," DeHaan advised.