Feeling thankful that gas prices are pretty low at the moment. Well don`t get to comfortable because these gas prices are expected to rise. With rising gas prices on the rise this could spell bad news for restaurant sales especially same-store sales. As more and more people look to get their food from the grocery stores as gas prices rise.
- Gas prices plunged late in 2014 and in 2015. Unsurprisingly, restaurant sales in early 2015 were spectacular.
- Gas prices remain exceptionally low. Even if they increase 50 percent, they will still remain 25 percent below all-time highs.
- Still, gas prices have increased for 14 days straight, and now average $2.21 per gallon, according to AAA. That’s about 20 cents per gallon more than a year ago, or a 10-percent increase.
“Gas prices are creeping back up as the price of oil rises. It’s more likely that gas prices will keep increasing than it is that they’ll fall again.”