Price Hike - But Where's the Profit?

5-7-04 - While gas prices continue to climb in Oklahoma and Texas, distributors in Texoma say they're not making much of a profit.

AAA Texas reports gasoline prices have climbed more than a nickel a gallon in the past week across the state to an average of $1.75 per gallon. It’s a similar story in Oklahoma, where the average for a gallon of gas is $1.82.

That's up more than 30 cents from one year ago.

Local distributors and gas station owners told First News that their profits are staying the same, despite the price hike. That profit is often around just two to three cents per gallon. One storeowner says he made more money per gallon 20 years ago when gas sold for 75 cents.

They say the price hike is triggered by production costs and the price of crude oil. A barrel of oil has reached a 13-year high this week at more than $39.