New research found one popular gas station could have a major influence on how much you pay at the pump.
Dubbed the "QuikTrip effect," researchers at the Federal Reserve Bank of St. Louis found gas prices in some Midwestern cities follow a regular weekly pattern. Data shows prices spiked nearly every weekend in St. Louis with the lowest price usually falling on Tuesday and the highest price on Saturday. In some cases, the price on Tuesday was $0.09 cheaper than on Saturday. So for someone with a 15-gallon tank filling up once a week, that could amount to a savings of $60 a year.
Kansas City isn't as erratic as St. Louis, but prices fluctuate much more than other cities like Denver.
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Researchers believe the dominant gas company in the region, in this case QuikTrip, has the ability to set prices and competitors follow behind. Quiktrip has disputed the comments in the study, saying the market dictates the price.
Economists like Chris Butler say it's about supply and demand. "I believe there is a QuikTrip like effect in most markets, it's to a greater or lesser extent."
Butler believes the dip in price on Tuesday is likely because demand is lower on that day. However, he adds, that doesn't mean it will stay that way. "People do change their behavior once facts are made plain to them. No one forces you to fill up your car on Saturday, but some people forget to to do and are left on Saturday or run out of gas."
For some, like Taylor Reed who lives in Overland Park, that's worth paying attention to. "It does make a difference, if it's 9 cents it makes a difference over time."
For people like Jennifer Browning of Kansas City, the slight difference may not make a difference when gas prices are low. "It doesn't bother me like it did before. When it was over $4, it was costing us $80 a week."
The researchers said this type of "cyclical pricing" isn't necessarily a bad thing for drivers. They said this type of pricing tends to show a decline in prices especially if drivers can determine the pattern.
Check out the heat maps below from GasBuddy.com showing relative gas prices by county in Kansas and Missouri.
Gas prices by county in Kansas (Source: GasBuddy.com)
Gas prices by county in Missouri (Source: GasBuddy.com)
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Shannon Halligan can be reached at shannon.halligan@kshb.com.
