Freakonomics Radio Introducing “The Economics of Everyday Things”
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Jan 23, 2023 Dive into the surprising world of gas stations, where the real profits lie beyond the pump. Discover the ownership landscape that reveals most stations are run by independent operators. Learn about the complexities of fuel pricing and why station owners often struggle with slim margins. Uncover the impact of rising fuel prices, gasoline theft, and the emergence of electric vehicle infrastructure. This exploration cleverly blends humor with insightful economic analysis, shedding light on everyday items that shape our lives.
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US Gas Consumption
- Americans use a lot of gas, roughly 30 full tanks per vehicle annually.
- Despite high consumption, gas prices in the U.S. are relatively low compared to other countries.
Gas Station Ownership
- Contrary to popular belief, gas station owners don't profit significantly from rising gas prices.
- Most gas stations (8/10) are independently owned, paying oil companies for branding and gas.
Jitander P. Seti's Story
- Jitander P. Seti, originally from India, started working at a Sonic Drive-In upon arriving in the U.S.
- He later transitioned to owning gas stations, eventually owning over 40 and finding success.