GasBuddy.com chief oil analyst, Tom Kloza, answer's a few questions about gasoline:
Q: How come prices keep rising? Will [hurricane Arthur] off Florida affect prices?
Tom Kloza, Hurricanes always destroy demand. They rarely, but sometimes violently impact supply. This one should only impact demand.
Q: How much profit does a gas station make at the pump from gasoline?
TK: Just about 15cts gross margin, but 10cts or more goes to credit card companies and overhead.
Q: I’m driving all over this weekend. Is there a best time of day to fill up?
TK: No real difference in time, although some states allow multiple price changes, and cheaper prices are in opposite flow lanes. In other words, the incoming commuter traffic can see prices higher than the less active lanes – e.g. Texas.
Q: How low can we expect gas prices to go over the next couple of months?
TK: Flat forecast for the next couple of months – maybe down 5cts in next 10 days. Beware Aug. hurricane season, however.
Q: Are you tracking the new CARB mandated gas price increase that is set to hit on Jan. 1, 2015 in California?
TK: Yes; it looks as though that will translate into a 15cts/gal cost-of-business hike for CA consumers.
Read the full interview here.
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