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(CNN Business) -
Gas prices are skyrocketing and Americans want to save at the pump.
That works directly in favor of Costco, BJ's Wholesale Club, and Sam's Club.
The average price of gasoline nationwide rose to $ 3.41 a gallon on Friday, according to AAA, 61% higher than the average for the same time last year.
Joe Biden's government has called for an investigation into whether oil and gas companies acted illegally to drive up prices.
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The increase has pushed more shoppers to rely on these chains to fill their tanks, say companies, retail analysts and fuel experts.
Gasoline prices at warehouse clubs can be up to 30 cents lower than at traditional gas stations, and chains offer members coupons to use in their stores when they fill up their tanks.
Gasoline sales at warehouse clubs are an important part of their business and attract customers.
"People are looking for the clubs because of the gas," said Michael Baker, retail analyst at DA Davidson.
"It is natural for American consumers to do everything possible to lower gas prices."
Costco, for example, is typically 20 cents a gallon below the market average, according to Tom Kloza, global head of energy analysis at IHS Markit's Oil Price Information Service.
BJ says he is 10 cents below average.
These companies are "winners when gas prices skyrocket," Kloza said.
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Costco, Sam's Club, and BJ's want you to fill up your tank in their parking lots and then stock up on giant jars of ketchup, snack boxes, and clothing.
(And why not buy a new flat-screen TV or sofa while you're at it?)
Their gas stations give these warehouses an edge that many retail competitors cannot match.
Gasoline accounts for about 10%, $ 20 billion annually, of Costco's total sales and 9% of BJ.
Walmart, which owns Sam's Club, does not disclose how much of its sales comes from the sale of gasoline.
Gasoline is a notoriously low-margin business, but retailers can make money selling large volumes of gas, even while charging much less than independent service stations, Kloza said, adding that it is not unusual for sales at a gas location. Costco reach up to 1 million gallons per month compared to an average of 80,000 gallons per month at typical gas stations.
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Despite their big brands, the vast majority of Exxon, Chevron, BP, and Shell gas stations are independently owned, so they can't play with volume like wholesalers do.
While wholesalers can make a profit on gas, they don't make much: Costco, for example, reported that gasoline has a lower profit margin than the rest of its business.
Rising gas prices often help Costco's sales, but hurt its bottom line.
"When there are inflationary pressures and prices go up, people look to save on gas," said Richard Galanti, Costco's chief financial officer.
For every 100 people who come to Costco to get gas, more than half will shop afterward, he said.
Gasoline sales at BJ's Wholesale Club increased 20% during its most recent quarter ending October 30, compared to the same period last year.
BJ's is increasing its share of the gasoline market "by leaps and bounds," Chief Executive Robert Eddy said Thursday in a call with analysts.
When gas prices go above $ 3 a gallon, "the members love us" and move their gas bill over to the club.
Gas Discounts are a tool Walmart uses to encourage customers to sign up for Walmart + memberships, which also offers free shipping and prescription discounts.
Walmart said Tuesday that it is actively trying to keep gas prices low to attract customers who are concerned about how much they are paying, especially as federal stimulus benefits wane.
"Gasoline prices are a concern ... They have risen dramatically compared to a year ago," Walmart CEO Doug McMillon said on an earnings conference call.
"Customers had money [then]. And at some point, that's going to come to an end."
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