Gas prices falling again

Posted: 7:48 AM, Dec 17, 2015
Updated: 2015-12-17 12:48:15Z

Gas prices are continuing to drop, with most stations in Mid-Michigan selling it for less than $2 a gallon. That's almost a dollar lower than it was the same time last year.

It's adding to hundreds of dollars in yearly savings, with the average driver pocketing an extra $500 to $700 dollars depending on the type of car they drive.

Drivers like Logan Praski are ready to take advantage of those savings, using the extra cash to buy a new truck.

"It's nice being able to save money on gas," Praski said.

Praski says that's helping make his upgrade more affordable.

"A lot cheaper, probably $20 cheaper on a full tank," he added.

Small businesses are seeing even bigger savings, like Chris Parrish at Okemos Marathon.

"With the extra savings that I'm getting, I'm able to invest it back into my business, my employees, my equipment," Parrish said.

Parrish says he's spending less to run his tow trucks and that's giving him more of a cushion in his rainy day fund.

"Our air compressor went bad, so the savings we saved on fuel for the fleet actually paid for the air compressor," he explained.

It's saving like that experts at say should continue into next year.

"There's a lot of factors at play, but I envision gas prices staying relatively low for quite some time still," said Patrick DeHaan.

DeHaan, a Senior Petroleum Analyst, says prices won't stay low forever.

"Gas prices will start going up more significantly in March where process will be back over $2 a gallon, and next summer we could see prices back up to the mid- or upper- $2 dollar a gallon range for periods of time," DeHaan explained.

That's why Praski isn't planning on spending all his extra cash.

"I can save a little bit more too," he said.

Savings he's hoping to put into gas for his truck when prices go up.