Gas prices spike, but expert ‘hopeful’ for drop before Thanksgiving

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GRAND RAPIDS, Mich. (WOOD) — If you filled up your gas tank over the weekend, you may have been surprised at how expensive gasoline was.

Gas prices have jumped to a new 2021 high, with GasBuddy.com tracking prices of $3.45 per gallon in Grand Rapids — the highest they have been in seven years.

“It has been about three and a half weeks since gas prices last jumped up across West Michigan…” GasBuddy petroleum analyst Patrick De Haan said. “The timing on this was a little interesting because the wholesale price of gasoline had just plummeted about 20 to 25 cents a gallon when stations finally pass along the increase from the last couple of weeks.”

But he went on to explain we’re still feeling the effects of the COVID-19 pandemic recovery, an increase in global demand, an overseas energy crunch and a national gas shortage in Europe; all of that is pushing prices up.

There is good news: De Haan said he expects prices to drop quickly and is “hopeful” they will remain lower through Thanksgiving, so he recommended holding off on filling up if you can.

“We should see stations lowering their prices throughout this week into the next week,” he said.

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