| Issue Date | Title | Subjects | CAPTION |
Mar 11 2026
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Strategy Reversal
BP MARKETING METRICS
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Company Profile
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BP dramatically fired its CEO in December and may be embarking on a return to petroleum under incoming CEO Meg O'Neill. Meanwhile, the British major has continued to grow its U.S. station count under a panoply of gasoline brands.
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Feb 12 2026
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Gasoline Price Seasonality Rebounds
SPRING PRICE HIKES
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Retail Prices
|
Gasoline price seasonality is not as strong as it was during 2005-2016 according to our study. Seasonal gasoline demand increases combined with RVP regs usually boost gasoline prices each Spring. Herein we examine price seasonality during the 2005 to 2025 period and identify a 5.4¢ gal. reduction in price seasonality, and during the past five years a resurgence.
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Jan 27 2026
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Market Share Recovery
SHELL MARKETING METRICS
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Company Profile
Refining
Market Share
|
Norco has had to go it alone since Shell got rid of 10 U.S. refineries. Yet even with just the one refinery, Shell managed to grow its gasoline market share after hitting bottom in 2024. Meanwhile, Shell's 2020 sale of its last California refinery, Martinez, is starting to look prescient.
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Jan 16 2026
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New Normal Forming
2025 RETAIL GASOLINE MARGIN METRICS
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Retail Margins
Retail Prices
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Retail gasoline margins were strong in 2025 despite a modest annual decline. Last year was the sixth consecutive year of robust margins. The new normal for average U.S. margin is in the 30-40¢ range.
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Dec 11 2025
|
Throughput, Station Count Down
U.S. STATION POPULATION 2025
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Station Population
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After three years of growth, the U.S. station population reversed lower in 2025. Why? High interest rates, paltry employment growth, and shrinking gasoline demand. According to Lundberg Survey's exhaustive annual study, there are 143,900 gasoline stations in the U.S.
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Dec 05 2025
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Gasoline Supply Crisis Emerging
ANOTHER CALIFORNIA REFINER SURRENDERS
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Refining
|
California refining capacity is collapsing faster than is the state's gasoline demand. Rather than solving global warming, this is leaving the state dependent on expensive gasoline imports. Some of the very politicians who passed onerous anti-petroleum regulations are now pleading to keep refineries open as a supply crisis looms. It was too little too late for the P66 Wilmington refinery, as detailed herein
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Nov 21 2025
|
EBT Revenue Nosedives
FOOD STAMP SALES AT C-STORES
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Station Population
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Despite a sharp reversal in EBT revenue since 2022, C-stores continue to covet food stamp customers to extend store sales. The U.S. convenience store industry raked in $5-billion in food stamp sales last year. EBT revenue averaged $42,258 per food stamp accepting C-store.
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Nov 20 2025
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Dino Eyes California
HF SINCLAIR GROWTH PHASE
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Company Profile
|
HF Sinclair, the nation's sixth largest refiner, has achieved its branded outlet count growth forecast of 5% annually. As of 2022, three formerly small refining outfits are combined, featuring seven plants, and the widely loved Sinclair gasoline brand. In a new development, now California and Nevada markets are opening up for HF Sinclair.
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Oct 28 2025
|
Production Plateau Forming
CRUDE OIL PRICE INCENTIVE FADING
|
Production/Supply/Demand
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Since 2014 the U.S. has reigned as the world's biggest crude oil producer. Robust production has led to reduced crude oil and gasoline prices in 2025. However, with sub-$60 crude oil, U.S. production is set to plateau in 2026.
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Oct 16 2025
|
Another Record Year
COUCHE-TARD MARKETING METRICS
|
Company Profile
Margins
Station Population
|
Despite a failed acquisition attempt of 7-Eleven owner Seven & i Holdings, Circle K owner Couche-Tard still enjoyed a record setting fiscal 2025. The company's near perfect timing on acquisitions has paid off bigtime in this new higher fuel margin era. Couche-Tard achieved 40.49¢ fuel margin on average in 2025.
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