BELOW SUPERNAV drop zone ⇩

As gas cost spikes, how do warehouse clubs keep prices down?

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

ovp test

mLife Diagnostics LLC: Oral Fluid Drug Testing

Male shot by female at Shreveport apartment

Class to create biodiverse backyard

Rules for outbursts at Caddo School Board Meeting

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

(NewsNation) — As Americans see new record highs at gas stations across the country, many are rethinking where they fill up their tanks.

The average cost to fill up jumped 25 cents in just one week, smashing records at nearly $4.87 a gallon Monday, according to AAA. It’s double the price of gas when President Joe Biden took office. A gallon of regular gas at the time cost on average $2.38 per gallon in January 2021.

As the Biden administration tries to tame inflation, some say it’s been hard to find significant savings anywhere. But experts tell NewsNation that wholesale club stores Costco, BJ’s and Sam’s Club can be some of the best bets for cheaper gas.

Oil industry consultant Andrew Lipow says it’s partially due to good negotiating, as well as volume — the club stores buy so much gas, they can get it for less than competitors.

“The sheer amount of volume that they sell allows them to be cheaper than the convenience store that you might see at the corner,” Lipow said.

Lipow also says it’s a good marketing move. If stores can reel consumers in with cheaper gas, in some cases as much as 70 cents less than state averages, those people might buy more inside the stores.

Experts tell NewsNation that even if a consumer isn’t buying groceries or big ticket items at a club warehouse, an annual membership at $60 may be worth it if at least six gallons of gas are bought each week at 20 cents a gallon less than competitors.

“I think we’re in for a sustained period of higher gasoline and diesel prices and the consumer is going to have to look around for these club memberships or these programs with the grocery stores in order to save money going forward,” Lipow said.

Still, it depends on how much gas someone buys and how much lower the wholesale club’s price is at the time, he said.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Clear

la

54°F Clear Feels like 54°
Wind
1 mph NNE
Humidity
56%
Sunrise
Sunset

Tonight

Clear skies. Low 51F. Winds light and variable.
51°F Clear skies. Low 51F. Winds light and variable.
Wind
2 mph NE
Precip
1%
Sunset
Moon Phase
Waxing Gibbous