Petroleum Wholesale history

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.

It begins operations in 1977.

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 1982, there were 6,287 such firms, and ten years later the ranks had thinned to 3,700.

Many BP stations see sales declines of 5 to 10%, but it’s far lower than the 40 to 50% seen at many Exxon stations following the Exxon Valdez spill in 1989.

1992: The Energy Policy Act of 1992 seeks to restructure energy markets by mandating energy efficiency standards and a broader use of alternative energy and renewables, plus more domestic oil production.

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

Bogoslaw, David. "Propane Demand Grows as Margins Shrink for Dealers." Wall Street Journal, 19 March 2003.

Nymex teams up with the Chicago Mercantile Exchange to introduce electronic trading of oil and other commodities in 2006.

In June, ExxonMobil announces it will sell its retail assets, and ConocoPhillips makes a similar announcement in August, joining BP, which in 2007, announced it was getting out of the retail side of the business.

At the time, total industry sales were an estimated $480 million and very few stores sold fuels; in 2012, industry sales were $700 billion.

Two new entrants announce that they will try new concepts 2014: Dollar General will sell gas at a Dollar General Market in Hanceville, Alabama, and Walmart will test a convenience store selling fuel concept (Walmart 2 Go) in Bentonville, Arkansas.

2021: Demand for fuel returns almost to pre-pandemic levels but supply is a problem over the first half of the year, especially related to a trucker shortage that limits deliveries to stations.