Expert: Gas prices to go up, US economy strong

Edison Byzyka talks with NewsChannel 15's Gina Glaros.

FORT WAYNE, Ind. (WANE) – A financial expert believes gas prices will increase and the United States economy will stay strong. Edison Byzyka, vice president of investments at Hefty Wealth Partners, said there has been overall strength and momentum in the U.S. economy. The labor market is currently in the best 12 month stretch of job creation in almost 20 years mainly coming from small businesses, according to Byzyka.

The labor market momentum is the best since 1999 in turn creating a strong gross domestic product, positive consumer confidence and corporate America to stay profitable. Byzyka said all of those factors combined have a positive trickle down effect on consumers and small businesses.

Gas prices have been at hovering around $2, but Byzyka predicts that prices will increase. Gasbuddy.com estimates that Indiana’s average gas price is $2.28. Oil is at $51.69 a barrel, according to Nasdaq. Many factors go into gas and crude oil prices including energy independence and political tensions in Russia.

Byzyka also said that the European Union is experiencing deflationary pressures which helps the U.S. economy. The U.S. is showing an economic environment similar to the one that occurred between 1994-2000.  Back then, the EU was experiencing growing pains, an Asian currency crisis and Russian debt default. However, the U.S. managed to thrive through it all, according to Byzyka.

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