Gas Prices Continue to Rise: What Does It Mean for Businesses?
Many gas station signs in the area read $3.82 Thursday afternoon. That number is even higher than the initial jump that got Tulsans talking earlier this week. Businesses that rely on cars and fuel are feeling the change."This is strange, but our distributor, he said he couldn't give us a full tank. He rationed it out," said Eugene Conrad of Conrad Farms in Bixby. His farm relies on trucks to haul product and his gas distributor only brought about a third of the gas he usually would this week due to high prices.Still, both Conrad and a restaurant delivery person in Tulsa said the higher prices have not trickled down to their customers. However, if prices continue to remain high, sometimes that is necessary.AAA reports Oklahoma's gas price average is $3.71. That is eleven cents higher than the national average of $3.60.QuikTrip said the mid-continent states like Oklahoma, Iowa, Kansas, Nebraska, and more are seeing these higher prices, which is rare. A spokesperson said it is due mainly to three things: low gas inventories, production being down, and gas coming from the coast being slowed.In terms of gas inventories, the QuikTrip representative said usually gas stations have 20 to 25 days worth of gas available. Currently, that number is between 11 and 12 days. When it comes to production, many refineries in several states are partially shutting down for routine maintenance. One of the Holly refineries in Tulsa will soon be one of them.QuikTrip said prices in the region could continue to climb in the next few days. However, over time, prices are expected to decrease.