Ride-share fares likely to surge on New Year's Eve

CHICAGO (WLS) -- If you plan on using a ride-share service like Uber or Lyft on New Year's Eve, be prepared to pay up.

The companies are likely to enact surge pricing as demand rises. That means fares can go up seven times the normal rates.

Uber expects to do $100 million in business over the holiday, by serving more than 2 million people.