| Issue Date | Title | Subjects | CAPTION |
Aug 27 2026
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Arizona, Nevada, Seek Barrels
WEST COAST SUPPLY NETWORKS
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Refining/Supply/Demand
Regulations
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Draconian California regulations have resulted in a catastrophic 32% decline in California refining capacity, including the loss of two plants since December. This is terrible news for motorists not just in California but also those in Arizona and Nevada which depend on California for supply. On August 11, Phillips 66, HF Sinclair, and Kinder Morgan hatched an ambitious plan to bring more product West. The proposed Western Gateway Pipeline would bring 230,000 b/d to fill part of the gap.
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Aug 12 2026
|
Still in Limbo
CITGO MARKETING METRIC
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Company Profile
|
Citgo remains in limbo despite being auctioned off for a song in 2024. It is still not known who will end up owning Citgo. Meanwhile, its refining business has been performing spectacularly. Citgo added 80,000 b/d to its refining capacity in recent years. The company reported 99% refinery utilization in Q1 2026 and handsome profits.
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Jul 28 2026
|
Desert Bloom
PHOENIX MARKET PROFILE
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Market Profile
|
Phoenix, long time starlet in the regional realm of mega-market Los Angeles, may finally win fuel supply independence from California within three years. Herein we reveal who, and what, makes this growing, high-throughput gasoline market tick.
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Jul 23 2026
|
Merchant Status Evolving
VALERO MARKETING METRICS
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Company Profile
Station Population
|
Valero permanently shut its Benicia California refinery in February, ending that plant's 57-year run of providing fuels to California motorists. Even with that huge loss, the nation's second largest refiner still commands 2.086-million barrels per day capacity in the U.S. Valero lost more branded outlets in 2025 according to our estimates, continuing its shift toward merchant status.
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Jun 16 2026
|
Store Count Contraction
C-STORE INDUSTRY METRICS 2025
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Station Population
NACS
|
The U.S. convenience store industry had record in-store sales in 2025 despite a reduction in outlet count according to data released by The Association for Convenience and Fuel Retailing (NACS). According to NACS, there are currently 151,975 stores nationally. The Letter projects a decline this year.
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Jun 11 2026
|
Gasoline Market Share Update
MARATHON STILL NUMBER 1
|
Market Share
|
The top U.S. gasoline market share and greatest refining capacity is held by downstreamer Marathon, with its 92% of crude slate North American feedstock and burgeoning product export sales. Meanwhile, its California operations are under regulatory threat. Marathon's vitals are tracked herein.
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May 13 2026
|
Dire Straits
2026 GASOLINE PRICE RALLY
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Retail Prices
|
This year's extreme Spring pump price run-up of 152.8 cents gal. is the child of the Middle East oil transit stoppage and U.S. gasoline price seasonality. The nightmare scenario's chief elements are identified herein.
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May 07 2026
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Growing The Brand
CHEVRON MARKETING METRICS
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Company Profile
|
Chevron has moved its corporate headquarters to Houston after residing in California more than 100 years. The supermajor has also been busy adding branded units in recent years and is on pace to get back above 9,000 stations by 2028.
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Apr 16 2026
|
Ten Years Surplus
GASOLINE IMPORTS/EXPORTS
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Production/Supply/Demand
|
U.S. refiners ramped up gasoline exports in 2025 despite a decline in operable refining capacity. Gasoline imports declined in 2025 due in part to anemic consumer demand. After ten consecutive years enjoying net-exporter status, some important factors could reverse the trend in 2026. Not the least of which is one rogue state's dramatic loss of refining capacity that has flipped California from a net-exporter to a net-importer.
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Apr 09 2026
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Refining Capacity Rebound
PHILLIPS 66 MARKETING METRICS
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Company Profile
|
Phillips 66 has been busy shaking up its refining portfolio, exiting California refining while adding capacity elsewhere. At the same time, the nation's fourth largest refiner continues to add branded outlets to its portfolio. Phillips 66 marketing metrics are examined herein.
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