The CEO of the Ankeny-based Casey’s convenience store chain talked Wednesday about gas prices during the quarterly conference call for investors. Darren Rebelez says it is constantly changing.
The company reported that the number of gallons of gas sold in the fourth quarter was up one-point-five percent and the margin was 36-point-two cents a gallon despite the volatility of the gas pricing. Rebelez was asked if we might see gas prices at or above six dollars a gallon.
He says their stores in the Greater Chicago suburbs have prices well north of five dollars a gallon, while at the other end of the spectrum there are some that are just slightly above four dollars a gallon. Triple-A Iowa reports the average cost of a gallon of gas here is four dollars, 68 cents a gallon. Rebelez says people are backing off on purchases in the areas where the gas price is the highest.
He says overall customers haven’t cut back on their visits.
He says customers are also shifting over to higher blends of ethanol.
Rebelez says six dollars a gallon is uncharted water for everybody and he imagines people might cut back on their purchases at that point. The overall financial report for the quarter showed the company generated a record 340 million dollars in net income and gross profits were up 14 percent.
