Gas prices are taking a bite out of the bottom line for so many companies

Posted at 6:24 PM, Jun 01, 2022
and last updated 2022-06-01 21:15:42-04

FARMINGTON HILLS, Mich. (WXYZ) — Gas prices hit an all-time high this morning. According to AAA a gallon of regular is $4.79 but if we are talking diesel it is $5.36 a gallon. Ouch!

That is the highest we’ve seen I believe since 2008 when prices in July were hovering around $4.17 a gallon. Now with inflation raising prices on everything we buy business owners say skyrocketing gas prices on top of that are causing them real headaches.

Gas prices are taking a bite out of the bottom line for so many companies including this crew from Midwest pavement contracting out of Milford.

This job alone in Southfield takes five trucks and has powered machinery all needing fuel.

Nibbles and Nuts has been around for 50 years, but they too are dealing with sky-high gas prices.

Ron Asmar is the owner of Nibbles and Nuts. Their warehouse is in Oak Park where all the packaging is done, and they have a storefront on Northwestern Highway in Farmington Hills.

Employees are struggling just to get to work.

Nibbles and Nuts is partnered with 1-800-Flowers and travels all over metro Detroit within a 20–25-mile range.

They use drivers who use their own gas-powered vehicles for deliveries and it’s painful.

They also use WyGO for deliveries. This company uses all-electric vehicles which helps the bottom line.

Ron also has a catering component called Corporate Catering. He says prices on catering will have to go up due to rising food and fuel costs. Fuel costs for deliveries have basically doubled. And they are taking a hit on profits because of it.

Bottom line Ron is just hoping prices will go down soon, it affects everything from his staff to delivery service and everything they buy from produce to paper products, and that, unfortunately, gets passed on to you the customer.

Did you have to do a double-take when you went to fill up., I bet you did especially if your vehicle takes premium gasoline which sits at $5.43 a gallon today. It’s putting a hurt on everyone unless you were smart like one business owner, we spoke to today who decided years ago to ditch gas-powered vehicles and go electric.