05.01.2012
Exxon Watch - 1st Quarter 2012
Exxon Mobil had a busy week - the April 30th announcement of an 80,000 gallon spill in rural Louisiana was only one of several high profile announcements involving the company.
In the same week Exxon also:
- Completed the divestiture of 126 stations in NJ, which represents one of their final stages of their many years long effort to exit ownership of retail gas stations;
- Were announced as #1 on the Fortune 500 based on 2011 annual results, replacing struggling Walmart; and
- Announced First Quarter profits of $9.45 billion.
Another confirmation that the oil industry remains strong in the US economy, as does the demand for sound risk management strategies for delivery of the product. For more on any of these stories see the links below:
XOM Oil Spill
NJ Divestiture
Fortune#1
XOM First Quarter Results
04.16.2012
New UST Regulations Expected Soon from EPA
EPA today closed the public comment period on proposed revisions to their underground storage tank regulation. Final regulations are expected to be released sometime this summer.
Among the changes proposed to EPA's UST regulations (40 CFR part 280) the following three additions to the regulations are expected to impact the operations of service stations across the country:
Secondary containment requirements for new and replaced tanks and piping
Operator training requirements for UST system owners and operators
Periodic operation and maintenance requirements for UST systems
By EPA's own estimate, these changes will increase average operational cost per station by $890 per year.
One silver lining - facility improvements such as secondary containment installation and continuous monitoring implementation can and will save money on UST insurance. Contact Us to find out how.
03.01.2012
NACS Releases 2012 Retail Fuels Report
The National Association of Convenience Stores (NACS) has released their annual state of the industry report. The full, interactive report is available online at www.nacsonline.com and provides a wealth of information about the retail fuel industry, as well as links to past reports.
Some high level industry facts:
Of the 148,126 convenience stores in the United States, a total of 120,950 stores sell motor fuels.
These stores cumulatively sell 80% of the motor fuels purchased in the United States.
Overall, 58% (70,403 stores) of those stores are one-store operations. By contrast, less than 1% are owned and operated by the integrated oil companies.
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