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Issue DateTitleSubjectsCAPTION
Nov 18 2021
Fewer U.S. Refineries Notwithstanding
2021 GASOLINE EXPORTS REBOUND
Production/Supply/Demand

Imports/Exports

In a monumental achievement, U.S. gasoline import dependency was eliminated in 2016. This year will mark the sixth consecutive year the nation has enjoyed gasoline net-exporter status, thanks to strong and resilient refining production. This issue examines gasoline production, imports, and exports in light of recent lost capacity at a time of gasoline demand recovery. Changing roles of countries exporting to the U.S., such as growing reliance on Russia, are shown.
Nov 12 2021
Essential Businesses De Jure
U.S. STATION POPULATION METRICS 2021
Station Population

Throughputs

The nation's gasoline station population declined in 2021 according to Lundberg's nationwide study. All things considered, the industry has persevered with a modest loss of units during recessionary 2000 and 2021. On the bright side, throughputs have recovered in 2021 and gasoline margin remains strong. Worker shortage and zooming costs notwithstanding, the retail network displays resiliency and optimism. Dozens of factors in the tug-of-war that determine station survivorship are identified in this study.
Oct 27 2021
As Economy Falters
GASOLINE STATION VALUES STILL RISING
Station Population



This year gasoline stations are selling for more than $1-million on average, soaring above that of 2018 according to this study. In the West where both margins and throughputs are robust, average value shot up to $2.45-million. Although national gasoline demand is still struggling, positive long term expectations are built into the 27% surge in station value of just the past three years.
Oct 15 2021
Stalwart Midwest Indie Plans More Growth
CASEY'S UPPING COUNTS, SHARE, MARGIN
Station Population

Company Profile

Casey's convenience store chain is now more than 2,400 units strong and achieving gasoline margin exceeding 35¢ per gallon. In its core Midwest territory, Casey's is a force to be reckoned with commanding a 9.5% gasoline market share. This report tracks Casey's 62-year rise from a one-store operation in Iowa to a publicly traded firm that has turned down two big buyout bids. Herein we feature some vitals of a standout Midwest independent.
Sep 20 2021
By Government Fiat
GASOLINE DEMAND RECOVERY 2021 WILTING
Demand

Regulations

This report forecasts a setback in 2021's gasoline demand recovery in the fourth quarter, leaving full year demand 6% under 2019. Herein we examine current and historical demand, featuring determinants including retail prices and employment levels with attention to the impact of state and federal edicts that artificially keep motorists parked.
Aug 24 2021
As Feds Order Extreme Fuel Sipping MPG Rule
MOTORISTS STILL PREFER SUVS
Demand

Fleet

Earlier this month the federal government announced increased vehicle efficiency rules for automakers with the intention to devastate the petroleum industry. As more and more automakers pledge to convert to electric vehicles, customers continue to instead purchase petroleum powered trucks and SUVs. Sales of pickup trucks and SUVs are on track to set a record this year as the sale of fuel sipping sedans collapses. Vehicle efficiency and its upcoming impact on gasoline demand is examined herein.
Aug 02 2021
Obvious Optimism
MURPHY STILL ON A RETAILING TEAR
Company Profile

Market Share

Murphy is excitedly growing its station network by buying, building, and upgrading with this year's count again breaking its record high. This report examines the company's latest count, its fuel throughput, sales, margin, and market share. The Letter sees Murphy's share positioned to climb past 3% this year.
Jul 16 2021
Shell Down To One U.S. Refinery
MAJOR BRANDED NETWORKS VS. REFINING CAPACITY
Capacity

Station Population

Not all major branded station retailers have the built-in security of supplier-owned refining capacity as a source for their needed gasoline volume. Shell is the most glaring example of late thanks to offloading several refineries. This study assesses U.S. refiners' gasoline production capacities to provide gasoline to their retail station networks, finding four of them in deficit.
Jul 05 2021
Gasoline Supply Flush and Demand Dim, But
2021 RETAIL PRICE PATH HEADS HIGHER
Retail Prices

Demand

Retail gasoline price hikes total 97¢ gal. since late November, despite ample gasoline inventories and hobbled gasoline demand. During the week ending July 2, rack prices have leveled off but it may be too early to call this the end of the Summer rally. This report diagnoses the current elevated U.S. average $3.15 gal. and why it is on track to achieve its highest annual average since 2014.
Jun 18 2021
Golden Again
U.S. REFINING MARGIN
Production/Supply/Demand

Margin

Refining margin has reentered the golden zone in 2021, rising nearly $10 per barrel higher than 2020's average. This report demonstrates the start of a fine post-pandemic comeback and spotlights continued hardship refiners face as petroleum product demand recovery remains hobbled.
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