$5 gas in 2012?
TRAVERSE CITY -- "I am probably not driving a lot at all, I mean that's ridiculous, $5 dollars a gallon." says a Traverse City driver
The former President of Shell Oil estimates gas getting as high as $5 a gallon by 2012.
"I would buy a horse, this is ridiculous. It's incredible." says a driver from Mesick
According to AAA, Traverse City prices are averaging close to $3.17 for a gallon of regular unleaded. That is 49 cents higher than a year ago. When comparing the average today, to just last month, it's a 16 cent difference.
Mark Griffin, President of the Michigan Petroleum Association says, "Our fear is that if it continues to rise, our business will decline. It's not something gas stations want to see happen. It would cause damage to customers and damage to us."
Griffin tells 7&4 News that it is nearly impossible to predict how much gas prices will be in the future, but there are two factors he will be monitoring over time that will determine how much it will cost you to fill up your tank.
Griffin says, "Certainly some of the concern that has been raised recently is, the price of crude oil will continue rise if we keep spending on the federal level, and if we continue to block exploration of drilling of oil."
