Costco and Walmart report changes in driver behavior amid high gas prices
6 reported
According to executives at Costco and Walmart, Americans are changing their gas-buying habits as prices remain elevated. Costco reported record fuel sales between April and mid-May, with stations requiring multiple daily deliveries. Walmart noted that customers have begun filling up with fewer than ten gallons at a time for the first time since 2022. The average U.S. price of regular gas on Thursday was $4.39 per gallon, up $1.22 from a year ago, according to AAA. Federal data shows spending at gas stations in April surged 21% compared to last year. Both retailers warned that higher fuel costs will likely lead to higher prices on store shelves.
What’s reported
Costco sold record amounts of gas between April and mid-May, according to CEO Ron Vachris.
Walmart customers began filling up with fewer than ten gallons at a time for the first time since 2022.
The average U.S. price of regular gas on Thursday was $4.39 per gallon, up $1.22 from a year ago (AAA).
Spending at gas stations in April surged 21% compared to last year, per federal data.
A top ExxonMobil executive said prices could jump by an “order of magnitude” in weeks as oil reserves reach “unheard-of inventory levels.”
Executives at Costco and Walmart said higher gas prices will lead to higher prices on store shelves.
Key figures
Ron Vachris, CEO of Costco
Gary Millerchip, finance chief of Costco
John David Rainey, CFO of Walmart
Mindy West, CEO of Murphy USA
Unnamed top ExxonMobil executive
Sources: NPR
