Customers guess retailers make 48 cents profit per gallon of fuel sold after expenses, when the reality is closer to 15 cents per gallon. While consumers intellectually understand that the corner store isn’t responsible for high prices at the pump, they still don’t like fuels retailers, according to findings released today from the new 2012 [...]
Ventana Research Leadership Award comes on the heels of Forbes’ America’s Most Promising Companies recognition. Market Force, a worldwide leader in customer intelligence solutions, and its client ConocoPhillips have received the Ventana Research Leadership Award for Customer Excellence. The Ventana Research 2011 Leadership Awards recognizes innovative companies and their customers that have most effectively achieved [...]
Each organization earns up to $15,000 to support education, the environment, and local communities through Irving’s Community Fuel Grant Program. Irving Oil has just awarded $60,000 to support six local community organizations throughout Atlantic Canada and New England through its Community Fuel Grant Program. Each organization applied and requested for a grant worth up to [...]
Hovering at a 10-month low, the US retail gasoline price average provided by the Energy Information Administration should continue to leak lower for the balance of the year, benefiting travelers during the holiday travel season. This remains true despite the reality that pump prices are roughly 10% higher now than during the comparable year-ago period. [...]
For the week through Dec. 5 U.S. wholesale gasoline costs mostly increased, while activity in the European Union coupled with heightened rhetoric from Iran are seen pushing gasoline prices even higher. Additionally, Sunoco Inc. announced Dec. 1 that it was beginning to idle the main process units at it Marcus Hook refinery near Philadelphia, Pa., [...]
As Marathon Petroleum cuts costs, fuel prices continue to climb, resulting in high Q3 profits. Marathon Petroleum Corp., which split from Marathon Oil Corp. earlier this year, reported soaring third quarter profits this week, according to Bloomberg Businessweek. Earnings totaled $1.13 billion, or $3.16 per share, for the three months ended Sept. 30, more than [...]
By Brian L. Milne, Refined Fuels Editor, Telvent DTN Day to day, markets of various stripes have seen wide price movements, reflecting not only uncertainty but fear. These broad swings are also true for gasoline, which has had several whipsaw sessions of its own with no sign of abate, while gasoline also reacts to broader [...]
Atlas Oil has announced additions to its executive team. Shawn Ryan, formerly director of the Atlas Oil’s DELTA Process Improvement team, has been promoted to vice president, operations. Ryan will also join the company’s senior leadership team. In addition, Atlas has hired Michael Loomis as director of sales operations. “I am very pleased to make [...]
In a win for small businesses, EPA’s smog restrictions are currently on hold. On Friday, President Obama pulled back proposed smog standards that would have forced states and communities nationwide to reduce local air pollution or face federal penalties, the Washington Post reported. GOP lawmakers called the Environmental Protection Agency’s (EPA) restrictions for ground-level [...]
By Brian L. Milne, Refined Fuels Editor, Telvent DTN Wholesale gasoline costs across the U.S. ended the final week of July mixed with a downward bias, which should arrest the gradual increase in retail pump prices in many metropolitan markets. That follows four consecutive weeks in which the U.S. average retail price for regular gasoline [...]
By Brian L. Milne, Refined Fuels Editor, Telvent DTN For some, the unpleasant reality of $4 gallon gasoline has already occurred, namely in California, where the Energy Information Administration reported in early April an average price for regular grade gasoline at $4.057 gallon. As of April 4, the EIA pegged the average for Chicago at [...]
Sunoco Inc. has reached a definitive agreement to sell its 170,000 barrel-per-day refinery in Toledo, Ohio to Toledo Refining Company LLC, a wholly owned subsidiary of PBF Holding Company LLC. Sunoco plans to sell the refinery for approximately $400 million (consisting of $200 million in cash and a $200 million two-year note). In addition, the [...]
Hess Corp. has agreed to acquire an additional 20% interest in the Tubular Bells oil and gas field in the Gulf of Mexico from BP for $40 million and will become the operator. The increased ownership will bring Hess’ working interest in Tubular Bells to 40%. Chevron holds a 30% interest and BP will retain [...]
Sunshine Gasoline Distributors Inc. of Doral, Fla. is rolling out Gilbarco Encore S dispensers, Passport point-of-sale (POS) systems and Veeder-Root TLS-450 tank gauges at 100 sites. “We chose Gilbarco Veeder-Root because they are in a unique position to provide turnkey solutions at the forecourt, in-store POS and underground fuel management,” said Luis Lago, vice president [...]
Royal Dutch Shell plc (Shell) has reconfirmed strong momentum in its businesses in the Americas. Shell’s oil & gas production in the region could reach one million barrels of oil equivalent per day in 2014, an increase of 40% on current levels, subject to the pace of investment, which could be $40 billion for the [...]