UNDATED (WKZO) -- Have we seen the peak in gas prices for this year?
GasBuddy-dot-com’s Patrick DeHaan thinks so, after crude oil prices plummeted ten dollars Thursday in the commodity markets.
But analyst Peter Beutel thinks there is only a 20 to 25% chance that prices have peaked - that this might just be a blip. He believes there is no way of telling how fast the prices paid at the pump will come down.
DeHaan thinks west Michigan could see prices slip below $4 a gallon before Memorial Day, closer to the national average which is also below $4.
Just how far it falls and whether it will go back up could depend on whether or not that drop in the commodities market was a blip.
Unrest in Libya, gas supplies in the U.S. are low, the global economy continues to recover and global demand continues to rise...all factors that aren’t favorable for generating lower prices.