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Jitandar P. Seti's Gas Station Journey
- Jitandar P. Seti, originally from India, bought his first gas station in San Jose in 1980 for $80,000.
- Despite long hours and a challenging location, he persevered and has since owned over 40 stations.
Thin Margins on Gas
- Gas stations profit very little from gas sales due to the complex supply chain and numerous intermediary costs.
- The bulk of the cost covers crude oil extraction, refining, distribution, and taxes, leaving minimal profit for the station owner.
Price Wars and Competition
- Gas station owners face intense competition, often engaging in price wars that minimize profits.
- They are limited in their ability to increase prices independently due to market forces and competitor actions.