The White House continues to target Russian President Vladimir Putin and big oil companies for the skyrocketing gas prices at the pump, but who’s really to blame?
Zekelman Industries Chair and CEO Barry Zekelman discusses the economic impact of Biden's energy policies on the steel and oil industries as the administration looks to U.S. adversaries for oil.
Second, many may assume that stations make a big profit on gas sales, but 125,000 facilities make their money by also running a convenience store. "The profit margin on gasoline is very, very small 2, 3, 4 cents per gallon. That's why you see most gasoline stations now have convenience stores. They're probably making more on a cup of coffee they sold you than on the gasoline," AAA Senior Public Affairs Manager Robert Sinclair Jr. told FOX Business earlier in the week. The third misconception of the retail gas market is most stations in America are 60% family-owned or run by single-store owners.
View of a pumpjack used for onshore wells producing little oil. Pumpjacks are common in oil-rich areas. "There is no gouging. It does not matter how much they put the price on the pump. If a customer could come in and look at the price and say, ‘Wow, that's too high. Why are they charging so much? And they can drive out and buy it somewhere else? That is not gouging," Risalvato stressed.
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