Tri-City Oil Company owner Carl Erickson said his Citgo station at the intersection of Pine and Ridge streets in Ferrysburg bumped up the price to $4.17.9 a gallon at 4:10 p.m.
“We follow the competition,” he said.
Prior to the jump, cars were lined up 10 deep at each pump, he said.
“We had them lined up down the street and all over the place,” Erickson said. “People were on their cell phones calling their friends to tell them” that the price was still down at his station.
“Who’d have thought people would get so crazy over $3.87 a gallon,” he said.
Erickson said the gas prices are set by speculators. When the price is higher the profit might be 20 cents a gallon, he said. When it’s lower the profit margin goes down, so they jump the price to get the profits back up.
The last time gas was up over $4 a gallon was between July and September of 2008. According to GasBuddy.com.