CBS 17 by Harrison Grubb
RALEIGH, N.C. (WNCN) — As gas prices continue to rise across central North Carolina, local business owners from a variety of different industries are outlining the impacts the costs are having.
“I’m working on like a $.10 profit margin,” said Etienne Hightower, CEO of Believers Trucking, LLC.
According to AAA, the statewide average price for a gallon of gas has swelled to $4.21 and is $5.49 for diesel.
“We have about 50 drivers that are going without raises,” Hightower said. “They’re being hit both ways, one, with their extra expenses in their life, and then they’re working super hard for me.”
Hightower was one of several local business owners who participated in a roundtable Thursday morning with Congresswoman Deborah Ross, outlining the impacts of higher gas prices.
“Your businesses depend on having stable gas prices,” Ross said during the roundtable.
The impacts are being felt across several different industries, including local nonprofits. The Boys and Girls Club said it typically spends $35,000 annually for fuel, but that could jump to around $50,000 this year.
“Any time that a piece moves in a nonprofit’s budget, then it’s a finite amount of money in terms of having to move money around,” said Matt Taliaferro, president & CEO of the Boys and Girls Club of Wake County.
While gas stations are at the frontlines of the rising costs, they are also not immune.
“What you’re seeing in our industry is, everybody thinks we’re making more money, but truthfully, the retailers are seeing a tight squeeze on their margins,” said Gary Harris, executive director of the NC Petroleum and Convenience Marketers Association.
Even when the situation on the Strait of Hormuz is resolved, Harris said it will take time before drivers see relief at the pump.
“Prices will not fall as quickly as they rise because a lot of people are trying to recoup costs as it goes down, so a lot of them may be mad about that, but people are in business,” he said. “It is not a regulated community, and people who sell this product are in business to make money.”