A few interesting pieces of information came up during Scot Imus’ presentation on gas prices in LaPorte this week. He’s the Executive Director of the Indiana Petroleum Marketers and Convenience Store Association.
Do filling station owners like high gas prices or low gas prices? Low. Stations general make 70% of their income off of gasoline sales, and 70% of their profit from convenience items (i.e. candy bars, potato chips, pop, coffee, knick knacks, etc). When gas prices are high, consumers have less money to spend on the convenience items.
The United States imports 53% of its oil. From what country do we import the most? Canada. Saudi Arabia is second, Mexico is third, Venezuela is fourth, and Nigeria is fifth.