A new study by GasBuddy reveals the most popular times of day drivers in all 50 U.S. states bought fuel. Key findings include: Drivers in most states buy gas between 4 and 5 p.m. People in 24 states – including California, Florida and Louisiana – most frequently purchase gasoline between 5-6 p.m. Another 23 states, like…
Shell Sells Permian Interest for $9.5 Billion to ConocoPhillips
Shell Enterprises, a subsidiary of Royal Dutch Shell, reached an agreement for the sale of its Permian business for $9.5 billion in cash to ConocoPhillips, a shales developer in the basin. The transaction will transfer all of Shell’s interest in Permian to ConocoPhillips, subject to regulatory approvals. Shell’s Permian business includes ownership in approximately 225…
National Gas Price Average Stabilizes as Oil Prices Rise
The national gas price average rose two cents on the week to $3.19, matching a seven-year-high last seen in early August, according to AAA. While the post-Labor Day period usually sees less demand and lower gas prices, this year, the impact of Hurricane Ida, followed two weeks later by Hurricane Nicholas, has slowed oil production…
NATSO, SIGMA Urge Lawmakers to Extend Biodiesel Tax Credit
NATSO, the national association representing truckstops, travel plazas, and SIGMA: America’s Leading Fuel Marketers, and representatives of the trucking and convenience store industries, urged lawmakers to extend the $1 per gallon biodiesel tax credit in the upcoming budget reconciliation package and ensure tax parity for any new credits awarded for transportation fuels that compete for…
CITGO Pitches In for Hurricane Ida-Affected Communities
In the aftermath of Hurricane Ida, CITGO stepped up to provide ongoing support to affected communities to help mitigate the storm’s immediate impact and assist them as they work to recover and rebuild. Specifically, CITGO made a direct donation in the amount of $50,000 to the United Way of Southwest Louisiana (UWSWLA), which serves the…
National Fuel Price Average Edges Lower
With the height of summer in the rearview mirror, motorists are seeing some relief at the pump, as the national gas price average dropped by a penny on the week to $3.17, according to AAA. However, the recovery from Hurricane Ida remains slow, with the latest U.S. data showing just under half of the U.S.…
National Gas Price Average Stabilizes
Following Labor Day weekend and the remnants of Hurricane Ida, AAA maintains that the national gas price average has stabilized at $3.18, which is just three cents more expensive on the week. The storm took about 13% of U.S. refinery capacity offline, and while there are no firm restart dates, refineries are expected to be…
Alimentation Couche-Tard Elects Directors
Alimentation Couche-Tard Inc. held its annual meeting of shareholders on Sept. 1, and announced that all the candidates proposed as directors in its Management Proxy Circular dated July 9, 2021, were elected by a majority of the votes cast by the shareholders attending or represented by proxy at the meeting. The detailed results of the…
Power Outages, Flooding From Ida Hamper Louisiana Refineries
Hurricane Ida made landfall Aug. 31, at Paradis, La., and didn’t take long to disrupt the area’s power and water supplies, and imperil the state’s oil refinery operations with tens of million dollars of lost business. The U.S. Department of Energy reported that nine Louisiana refineries – which supply about 13% of the nation’s capacity…
Petro Mergers and Acquisitions Prognostications for 2022
As the second half of the year winds down, my mission with this article is to formulate and share a learned opinion as to what the mergers and acquisitions (M&A) picture will look like in 2022 for the c-store and wholesale petroleum industry. Will buyers, sellers and lenders still be plentiful? Will interest rates remain…