Economy

I'm an ex-Wall Street trader who drives for Uber and Lyft. Gas prices have me rethinking which trips I take.

Bill Lewis poses for the camera wearing a blue suit, white dress shirt, and white tie.
Bill Lewis worked on Wall Street before becoming a full-time ride-hailing driver. Bill Lewis
Read in app

This as-told-to essay is based on a conversation with Bill Lewis, a ride-hailing driver who lives in Pennsylvania. The interview has been edited for length and clarity.

I live in the Poconos. I used to commute to New York City from here. I was a trader on stock exchanges for 25 years.

I started as a clerk and worked my way up. When the algorithms took over the floor, they laid us off. Now, I'm dealing with algorithms again as a driver.

I drive for Uber and Lyft absolutely full time — seven days a week, about 75 hours a week. People from out of town need rides, especially on weekends during the summer, but for the most part, I'm taking the same people to work each day.

I take between 22 and 28 rides a day. Sometimes, I do long rides to the Allentown airport, but for the most part, I'm within 25 miles of my house every day.

Gas is always a huge expense for me. I drive a Prius, but I still fill up six to seven times a week. Before the war in Iran started, a fill-up cost me about $22. Today, it cost me $31 for the same exact tank.

I've changed my driving habits to try to save money.

Some of my rides take me far out of town to remote places where I might not get a ride back toward home. Now, those trips aren't worth it, because it's going to cost me more in gas to get back into town and claim another ride.

I've also started taking back roads when I can. The highway might be four or five minutes quicker, but in my area, taking smaller roads is often more direct and saves miles. If I can save on gas, that adds up after a while.

I hope the ride-hailing apps add a gas surcharge to help drivers cover higher costs. That's what they did four years ago when gas prices went up after Russia invaded Ukraine — they charged passengers an extra $0.45 to $0.55 cents per ride. There's not a customer I know who wouldn't understand if the companies did that again.

Some weeks, I'd probably make an extra $80 if the apps offered that again. So far, Uber and Lyft have offered cashback on gas through partner apps, or if you use their debit cards, which I don't have.

I'm getting by with my hybrid, though, which gets around 50 miles per gallon. If you're driving a regular car that gets 25 to 30 miles per gallon, I don't see how this kind of work is profitable.

Do you have a story to share about Uber, DoorDash, or another gig app? Contact this reporter at abitter@bjinnox.com or via encrypted messaging app Signal at 808-854-4501. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.

Read next

Screen Shot 2020 09 04 at 6.22.07 PM
Alex Bitter
Alex Bitter is a senior retail reporter covering the gig economy, food, and retail. His work focuses major gig delivery and ride-hailing apps, including Uber, Lyft, DoorDash, Instacart, and Walmart's Spark. He is interested in everything from what it's like to work on the apps to the companies' business strategies.Some of his recent stories feature gig workers who have been deactivated on the apps, DoorDash hiring traditional employees to make deliveries, gig workers' use of bots, and gig work expanding into new professions, such as nursing.Alex has also written about Aldi's US expansionStarbucks' turnaround efforts, and the fallout from Kraft-Heinz's budget cutting. Convenience store chain Sheetz ended its "smile policy" after his reporting.Before joining Insider in September 2020, he wrote about consumer and retail companies for S&P Global Market Intelligence. He's a graduate of the University of Hawai'i at Mānoa and grew up on the Big Island.Alex lives in the Washington, DC, area, where you can find him studying ancient coins or searching for Civil War artifacts with his metal detector in his free time.Got a tip? Reach out at abitter@bjinnox.com or via encrypted messaging app Signal at +1 (808) 854-4501.