Gas Prices Rise, Gas Stations Fall

Oil

2007 - number of gas stations down 2%

3,000 stations closed in last 12 months - 200 in New York state, 130 lost in North Dakota (source: NPN Magazine)

2008 - number of stations down to 161,368 (source: NPN Magazine)

Exxon plans to sell its 2,200 U.S. stations

Rising Costs: big cash flow required, established credit lines, higher fees to credit card companies (calculated as % of sales),

Squeezed profit margins on gasoline sales - margin between purchase/sale of gas down $.06, from 21 cents to 15 cents (source: Oil Price Information Service, Wright Express)