National Convenience Stores Incorporated history

1960: OPEC — the Organization of Petroleum Exporting Countries — is founded by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

In February 1961 the partnership acquired all U-Tote’M California stores of the same name.

The first 24-hour convenience store didn’t open until 1962 — in Las Vegas, Nevada, naturally.

1964: The first remote self-service gas pumps are introduced on June 10 in Westminster, Colorado.

1965: The Motor Vehicle Air Pollution Act establishes the country’s first emissions standards.

By 1967 the convenience store industry was selling $1 billion in products, with the total number of stores reaching 8,000 nationwide.

1969: Gilbarco introduces the “tight seal nozzle” to prevent splash-back.

1970: The Clean Air Act is signed into law, authorizing the development of comprehensive federal and state regulations to limit emissions from both stationary (industrial) sources and mobile sources.

The National Environmental Policy Act establishes the United States Environmental Protection Agency (EPA), which is created in May 1971.

1973-74: OPEC announces an oil embargo against countries (including the United States) that supported Israel during the October 1973 Yom Kippur War.

By 1974, imports account for nearly one in five cars sold in the country.

Starting with the 1975 model year, United States automakers respond by equipping new cars with pollution-reducing catalytic converters designed to run only on unleaded fuel.

In December 1977 National Convenience Stores announced it agreed to be acquired by Circle K Corporation in a stock exchange worth approximately $36 million.

The regulations are for passenger vehicles only, requiring car manufacturers to have an average fleet fuel efficiency of 18 miles per gallon beginning in 1978.

1979-81: In February 1979, the revolution in Iran begins, and in November the United States Embassy in Iran is stormed and hostages are taken.

In December 1981 NCS acquired 116 stores operating under the name Mr.

To generate cash for overall debt reduction, the company sold 850,000 shares for a total of $10.3 million in February 1982.

The fallout from the recession and the economic meltdown continues, as global demand for oil decreases for the second straight year—the first two-year decline since 1983.

By December 1984 there were approximately 50,000 convenience stores across the United States, with more being built.

By year-end 1986 a typical store gained 50 percent of revenues and 25 percent of profits from gasoline.

The company had managed to pare the debt an average of $10 million a year since 1987.

In August 1988 NCS sold 52 properties in the Las Vegas market, including 43 operating convenience stores, for $25.6 million.

In August 1989 NCS decided to move out of the Nashville market, selling 37 operating and 14 closed convenience stores to Mapco Petroleum, Inc., for $21.8 million.

NCS claimed a slim profit of $383,000 for the quarter ending March 31, 1990.

But by early 1991, fewer than 150 stores out of 1,071 were restyled; the cost, in the tens of thousands of dollars, was far too high for NCS to afford at a time when the company’s long-term debt was near $190 million.

Though the picture was positive, J. Christopher Brewster, chief financial officer for NCS, resigned in April 1992; the company did not fill the vacant position.

The Fourth Amended and Restated Joint Plan of Reorganization was confirmed February 25, 1993, and became effective March 9, 1993.

1996: A Murphy retail site in Chattanooga opens next to a Sam’s Club, ushering in the modern era of hypermarkets — large supermarkets, discounters and mass merchandisers like H.E.B., Walmart and Costco — selling fuel.

The federal tax on gasoline has been 18.4 cents per gallon since 1997, with the bulk of revenues going to the highway account.

1999: Consolidation of the industry begins with the merger of British Petroleum and Amoco, and, later that year, Exxon and Mobil.

2000: The website TwinCitiesGasPrices.com debuts, listing gas prices for select stations in the metro Minneapolis area.

A second waiver—allowing E15 for model year 2001 and later vehicles—passes soon after.

2004: Sheetz is the first company to experiment with touch-screen kiosks at the pump where customers can also order in-store foodservice items to pick up after fueling.

All vehicles built for model year 2007 and beyond must run on this new ultra low sulfur diesel (ULSD). It mandates the sulfur content of highway diesel fuel be cut from an average of 500 ppm to 15 ppm beginning in September 2006.

All vehicles built for model year 2007 and beyond must run on this new ultra low sulfur diesel (ULSD).

2008: In June, the average gasoline price tops $4 per gallon for the first time.

2014: In May, Hyundai Motor Co. begins leasing a fuel-cell version of its Tucson sport-utility vehicle in California — the first mass-produced fuel cell vehicle to be sold to the public in the United States.

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