Black03
Dedicated LVC Member
$2.70 for 91, an not even the common courtesy of a reach around.
LS Gets U Wet said:Where are you guys getting all these high octanes at? (above 91)
I have never seen a gas station that sells 93 octane...
is it a certain company?
fyi im in central cali (if that matters to anyone)
Soaring pump price driving point home
Consumers pinched; companies squeezed
By John Schmeltzer and Brendan McCarthy
Tribune staff reporters
Published August 17, 2005
Twice a week, Kathleen Kielbasa drives her 1997 Jeep Cherokee from Algonquin to Des Plaines to visit her elderly mother, helping her with shopping and other chores.
Now, as gas prices have reached $3 a gallon in some parts of Chicago, Kielbasa will cut her visits to once a week.
"My 85-year-old mother will not be happy, but I just can't afford it," she said as she loaded her SUV with items bought for her mom at a Rolling Meadows Wal-Mart.
She's not alone. The spiraling cost of gasoline, which set another record on Tuesday, is starting to take a toll on the pocketbooks of working Americans and corporations alike across the country.
According to government figures released Tuesday, inflation increased 0.5 percent in July, mainly due to the higher prices.
Meanwhile, Wal-Mart Stores Inc., the world's largest retailer, said second-quarter sales were lower than expected because customers were buying fewer goods, in part because of the higher prices they're paying at the pump.
Wal-Mart Chief Executive H. Lee Scott said he is worried "about the effect of higher oil prices. So I anticipate that we will face challenges as the year progresses."
But it isn't just giant retailers suffering from sharply higher gasoline prices. The people who operate convenience stores at gas stations also are hurting, according to the National Association of Convenience Stores.
"Except for penny candy, retailers make more on every item in their store than they do on gasoline," said Jeff Lenard, spokesman for the association.
And after customers spend upwards of $50 to fill the tank of an SUV or even a midsize sedan, there's not much left for a can of soda and a bag of chips.
"High gas prices are definitely affecting any retailer catering to lower-middle income customers," said Fitch Ratings retail analyst Philip Zahn.
"Filling a tank takes a larger chunk of their paycheck than middle- or upper-income consumers. So however much more they spend to fill the tank, they have less to spend on other things."
Kelly Harris, a mother of three from Martin, Tenn., said she "has cut out the things we don't necessarily need" in an effort to balance the family budget. "Unless I need several different things, I'm not going to run to Wal-Mart like I used to."
It's that shift in shopping patterns that has caused retailers, restaurants and even casinos to express concern that customers are cutting back or shifting to cheaper options.
In Illinois, the price of regular unleaded gasoline rose to an average of $2.63 a gallon, 11 percent higher than just a month ago, according to AAA Chicago. In Chicago, the price rose to an average of $2.71 a gallon for unleaded regular.
Gas prices are running 35 percent higher than this time a year ago; however, analysts aren't yet seeing dramatic shifts in driving patterns.
But consumers are changing other patterns, like where they eat.
John Cywinsky, chief operating officer of the restaurant chain Applebee's International Inc., said it is clear that households with incomes under $50,000 are struggling because they are spending an average of $560 more per year for gas than they did in 2003.
"Gas prices effect this group most directly, given their level of discretionary income," he said, noting that many appear to be eating at cheaper quick-serve restaurants rather than sit-down venues such as Applebees.
Trump Entertainment Resorts Inc., which operates the Trump Casinos, warned in a filing with the Securities and Exchange Commission that soaring gas prices "could adversely affect consumer spending" and "our operations."
Wal-Mart, which caters to a high percentage of lower-income customers, is even more susceptible to the soaring prices.
One in five Wal-Mart shoppers don't have checking accounts, while 31 percent of the chain's monthly shoppers have annual household income of less than $25,000, according to a recent study by market research firm Retail Forward Inc.
Tuesday, Wal-Mart said the high gasoline prices hurt sales during the second quarter, and the retailer lowered its earnings guidance for the remainder of the year, setting off a wave of selling on Wall Street that drove Wal-Mart shares $1.53 lower, to close at $47.57.
With gas prices on the rise, most consumers are trying to conserve wherever they can.
Kathryn Corso, 48, a mother of three who drives a mini-van, said prices at the pump have put a hole in her pocketbook.
Corso now strings errands together and maps out her family's trips, making sure she travels the shortest route possible.
"You have to cut back on things," said the Palatine resident. "No more going out to lunch often, things like that."
http://www.chicagotribune.com/business/chi-050817gas,1,5612860.story?coll=chi-business-hed
Black03 said:I can't get anything higher than 91 here, except 107 at the track