PFT #83 - Personal Finance Tip of the Week: Gas Gouging

In times when inflation is rising, we experience higher prices for our goods and services as well as shortages.<br /><br />For example, In the grocery store, we’ve experienced products in limited supply from toilet paper to baby formula. When a desired product is available, it is emptied as soon as it was stocked. <br /><br />When it comes to gasoline, supply chain disruption was experienced in 1973 and 1979. <br />This also occurs during natural disaster situations where shortages shoot up prices and then we hear about gauging. <br /><br />To make things clear, gauging does occur; however, there is a large misinformation notion that gas stations drive up their prices because they have us over a barrel. <br /><br />For the most part this is not true as our research on average tells us that most retailers make 15 cents per gallon after the consumer pumps it. <br /><br />To make things worse, most people pay via a credit card which has a merchant fee around 2.5%. Hence, when the price per gas is at just $4, the retailer pays 10 cents and in our example would profit just five. <br /><br />This is why we see a cash price listed on the signs that are lower than the credit price. Hence, if you have cash, this is another way to keep a few bucks in your pocket especially during long stretches. <br /><br />The bottom line is this is another way to save a few more dollars, yet the hidden point in this finance tip is when we understand how things work, we can accept things that we don’t like.<br /><br />Website:<br />https://www.somethingonmymind.net/<br /><br />Social Media <br />https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw<br />https://www.tiktok.com/@somm.podcast?lang=en<br />https://www.facebook.com/somm.podcast<br />https://twitter.com/Somm_podcast<br /><br /><br />This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at <a href="https://www.spreaker.com/show/5501411/advertisement">https://www.spreaker.com/