Mar 11, 2026 - Business

Casey's CEO says oil volatility isn't hurting demand

Linh Ta

Casey's gas station and convenience store on a sunny day. A large red Casey's sign with a price board sits near pumps; several cars are in the lot with a tree and brick building in the background. — Photo: Courtesy of Casey's

Casey's CEO Darren Rebelez isn't too worried about the recent oil market volatility tied to Iran, noting the company has weathered similar challenges before, and usually comes out ahead.

The big picture: Casey's retail fuel prices jumped roughly 30 cents per gallon following recent geopolitical events, but they are still sitting in the low $3 range, which Rebelez noted is 30 cents below where prices stood when Russia invaded Ukraine in 2022.

"Volatility is kind of par for the course in this business," Rebelez told investors during a meeting yesterday.

How it works: When crude spikes, retail prices lag behind wholesale costs, briefly squeezing margins, Rebelez told investors.

When prices fall, retail lags again, this time expanding margins for stores. Over a full cycle, it historically nets positive for Casey's.

Between the lines: Casey's doesn't see meaningful customer behavior change until prices approach $5 per gallon.

Zoom out: Beyond gas, Casey's is finding success in other markets, Rebelez shared.

While cigarette sales continue to decline, alternative nicotine sales went up 31%, thanks to products like the hugely popular Zyn pouches last quarter.

What's next: How the next quarter pans out will depend on how the Iran war develops.

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Casey's CEO says oil volatility isn't hurting demand

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