Gasoline prices are climbing, and that is creating another headwind for retailers.
According to AAA’s Fuel Gauge Report, the national average price of gasoline is $2.23/gallon for regular and $2.45/gallon for premium. These prices look pretty cheap compared to May 2008, when the national average was $3.71 for regular and $4.08 for premium, but not so good compared to January 2009.
Unfortunately, gas prices have been steadily climbing since the beginning of the year. The price of regular gasoline bottomed out in December 2008 around $1.65/gallon. The price has climbed about 35% in the last five months.
Higher gasoline prices take a bigger bite out of consumers’ wallets, who thus have less to spend on discretionary items like clothes, shoes or housewares. As a result, moderately priced retailers that rely on discretionary purchases, such as JC Penney (NYSE:JCP) or Macy’s (NYSE:M), are going to suffer the most from rising gas prices.
However, there are retailers that could benefit from higher gasoline prices. Discounters like Costco (NASDAQ:COST) and Wal Mart (NYSE:WMT) offer shoppers lower cost products to offset the higher gas prices. Also, many of these stores have gas stations and sell gasoline at discounted prices.
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