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Gas Reaches $3.89 in West Michigan


KALAMAZOO (WKZO) -- Gas prices have gone up nearly 50-cents in the last few weeks, as the Middle East protests, the fighting in Libya and the growing global economy have sent the price of crude oil jumping well over $107 a barrel.

Prices at most west Michigan stations went up to $3.89 a gallon Sunday, which is unusual for a Sunday.

Analyst Peter Buetel believes all the uncertainty in the market has attracted speculators.

"People have been buying oil as a surrogate for, say, the Euro or the Swiss Franc - or gold," Buetel said. 

Buetel believes it's probably not over.

"It does look like we are going to see prices possibly reach new highs again," he said. 

The experts believe the all time high over $4 a gallon reached in July of 2008 could be challenged in the next month or two, but right now they have no way of telling.