LANSING, Mich (WLNS) — With record-high gas prices being the new norm, one may assume gas station owners are raking in the dough.
As one expert is revealing that that is most definitely not the case.
“We aren’t making money,” said Mark Griffin, of the Gas Station Dealer’s Association. “Most of the time, we are breaking even, and if we’re making any money, it’s just a few cents a gallon.”
Additionally, there’s a second whammy for gas station owners.
Fewer customers are buying goods from convenience stores.
“As more money has to go into the pump our customers have less money to come inside and speed in the store where all of our profits really are,” continued Griffin.
While big oil is raking in record profits, so are big banks with those racking up a credit card balance.