Chevron Corp. has announced that a group led by its Venezuelan subsidiary has been selected to negotiate its participation in a project composed of three blocks in the Orinoco Oil Belt (Faja) of eastern Venezuela. “We look forward to being part of this new opportunity that will expand development of one of the world’s largest…
BP Collaborates With Universities on Materials and Corrosion Research
BP has announced the launch of a major research collaboration with the Massachusetts Institute of Technology (MIT) and the University of Manchester. BP and the universities will work together on materials and corrosion research, as it applies to oilfield applications. The initial investment from BP has been $2 million, with the company intending to match…
Cody The Dog’s Gas Station Shuts Down
A chocolate Labrador named Cody, owned by BP c-store owner Karim Mansour, became well-known by fans across the country in recent months, even gaining his own Web site and facebook page. The pooch who was often seen wearing a BP shirt and name tag and popping up behind the drive through window, had been an…
Kroger and Shell Kickoff Grocer Rewards Program
The Kroger Co. and Shell have teamed up to launch a customer loyalty grocer rewards program in several U.S. cities. The rewards program provides shoppers the exclusive opportunity to earn savings on fuels when using their Kroger family of brands loyalty card at their local Kroger or Ralphs stores. Beginning on Feb. 15, Kroger and…
Lykins Enterprises Files For Chapter 11
Lykins Enterprises Inc., based in Maysville, Ky., and three of its related companies filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy code on Jan. 29, 2010, according to David Lykins, CEO and founder of the business, The Ledger Independent reported. Lykins Enterprises sells fuel on a wholesale basis to customers in…
Boost in Crude Costs to Offset Pass Through Savings
Brian L. Milne, Refined Fuels Editor, Telvent DTN Weekly gains in the gasoline wholesale market driven by higher crude costs leading up to the Valentine’s Day weekend will interrupt the national decline in retail gasoline prices midway through February. The U.S. average price for retail gasoline prices had decreased for four consecutive weeks through the…
Cigarette Excise Tax, Ohio Cigarette Tax Changes Bring Higher Prices
An Ohio coalition refutes the findings of a recent report claiming that increasing Ohio’s cigarette tax by $1 per pack would bring the state $299.7 million per year. The report released yesterday, entitled, Tobacco Taxes: A Win-Win-Win for Cash-Strapped States is based on national and state surveys of registered voters. “Any economist will tell you…
Colorado C-stores Take Step Toward Full-Strength Beer
Colorado’s convenience-store owners won a victory this week when the state’s House Business Affairs and Labor Committee approved a measure Wednesday that would allow c-stores of under 5,000 feet to sell products with a higher alcoholic content than the reduced-strength beer that they now are limited to selling, Denver Business Journal. The proposal won by a…
Flying J Files Reorganization Plan
Ogden, Utah-based Flying J Inc., which filed for bankruptcy in December 2008, has filed a plan of reorganization through which it would repay all senior creditors by divesting most of its assets, including its travel center and trucking operations, Reuters reported. Flying J filed for bankruptcy due to a drop in oil prices and tighter…
Victory For RaceTrac
Atlanta-based RaceTrac Petroleum has been awarded more than $3.4 million from a Financial Industry Regulatory Authority (FINRA) arbitration panel for damages the gas station chain sustained after it invested in the Bear Stearns hedge funds that imploded in 2007, Hedgefund.net reported. The FINRA arbitration award was issued in December, but was recently announced via the…