Who's Cashing in on High Gas Prices? - Local news, weather, sports Savannah | WSAV On Your Side

Who's Cashing in on High Gas Prices?

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Gas prices are something that can make every driver angry, every time they head to the pump. 

But what is the reality when it comes to the gas station? Are owners cashing in as you fill up?

"We have no control over what the price of gas is," explains Greg Parker.

And when it comes to gas and gas prices, Greg Parker knows.

"The major oil companies, what's going in the Suez canal, what's going on in different parts of the world cause the price to go up and down."

You can find 32 Parkers throughout Chatham County, with more to come.  

But he says it isn't the pumps that push his business forward.

"It doesn't work off a percentage. It works off cents per gallon. The price goes up, the price is pretty consistent."

Parker says he makes about 12 cents for every gallon, and that's before the credit cars companies take a bite.  

They get 3 cents per transaction, which is why he created the Pump Pal program giving folks a discount and taking credit cards out of the mix.

"In 2008, our industry made $5.2 Billion," explained Parker. "At the same time, Mastercard, Visa, the big banks made $8.4 Billion. They made 50% more profit than we did by processing our credit. And that made me mad."
Pump Pal now has 70,000 users, and Parker says he's saved customers $3.4 million in just 2 years.  He hopes that money goes right back into his stores, which aren't just about candy bars and gum and "grease monkeys" anymore.  but with every meal, fountain drink with "chewy ice," Parker keeps building his empire, one penny at a time.

"Our industry is really a penny industry," said Parker. "Anybody who thinks retailers are getting rich off gasoline is mistaken."

While a gallon of gas only nets parkers 12 to 14 cents, each customer that walks in the door leads to about 26% profit.

Business must be pretty good, Parker plans to open 4 more stores in our area by the end of the year, and as many as 12 more next year.

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