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The main reason: the demise of small, independent operators whose aggressive discounting kept oil companies' profits low. Squeezed by competition and the soaring costs of environmental regulations, the total number of U.S. service stations has Safety Relief Valves continued to shrink, falling 13.7% since 1972, to about 195,000 last year. Meanwhile, average gross profits per gallon at the pump have climbed 28% since 1991 (chart). And many of the remaining independently owned service stations are "branding up"--selling well-known brands for higher prices and profits. MARKETING MOVES. Oil companies increasingly see control of the pump as a way to rev up sputtering refining profits. And some lately have been spending a pretty penny to expand their retail holdings. In February, Tosco Corp. paid a hefty $900 million for Circle K Corp. and its 2,500 convenience stores, 1,900 of which sell gasoline. Earlier, the Stamford (Conn.) refiner plunked down $235 million for the right to use the BP brand on its gas sold to 500 Northeast gas stations and for a shuttered British Petroleum Co. refinery. And last November, Diamond Shamrock Inc.'s $260 million bid for Houston-based National Convenience Stores Inc. trumped a rival's offer to snare 600 Stop N Go convenience stores with gas pumps in the Southwest. Better marketing by Big Oil is also helping the runup in profits. The majors are corralling independent dealers with long-term, 5- to 10-year supply contracts in exchange for cash for modernization or upgrades. In 1987, 44% of the dealer members Instrumentation Ball Valvesof the Society of Independent Gasoline Marketers of America sold no-name gas exclusively. That fell to 23% at the start of last year. Thomas L. Robinson, president of Robinson Oil Co., which operates 29 Rotten Robbie gas stations in and around San Francisco, says the contracts reduce the volume of gas available to "spot" markets, which is where discounters generally buy gasoline for their cut-price operations. "What we're seeing is the majors competing through these upgrade dollars," says Robinson. Offered money to finance new paint and pumps, many independents that survived the industry consolidation have signed on with well-known brands. GUZZLING. So is the recent runup in gasoline prices evidence of price-gouging? Most analysts think not. Until a few years ago, Big Oil subsidized the ultrathin margins of gasoline marketing with refining profits. And market forces, analysts say, will prevent profits from skyrocketing. In fact, profits have been squeezed in recent weeks as crude-oil prices have spiked up faster than the companies can raise pump prices. Longer term, analysts such as Salomon Brothers Inc.'s Paul Ting believe rising outlays for new high-tech stations and promotional campaigns may cut deeply into profits. Still, there are harddriving reasons why margins should stayNeedle & Gauge Valves high for some time: Travel is up, highway speed limits are higher, and more gas-guzzling vehicles are on the road. The best sign of all: Gasoline demand is expected to rise 2.2% this year and next--leading the Energy Dept. to project record use of 8 million barrels per day this summer. That should turbocharge profits in gasoline alley. By Gary McWilliams in Houston
原文来自： http://www.businessweek.com/archives/1996/b3473052.arc.htm

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译文：阀门石油巨头的巨额利润资产
营销行动。石油企业看到越来越多的作为方式泵控制转速高达溅射炼油利润。最近，有些已花了不少银子，以扩大其零售资产。今年2月，托斯科公司支付了900元的大幅度OK便利公司和其2500便利店，1900万美元，其中汽油销售。此前，斯坦福（康涅狄格州）的炼油两次大规模下跌235美元的使用权，其天然气的BP品牌100万台到500东北加油站和一个封闭的英国石油公司炼油厂。与去年11月，钻石三叶草公司的二万六千点零零零万美元竞购总部位于休斯敦的国家便利店公司捏造对手的报价，引人与西南加油站停止n跳到600便利店。更好的石油巨头的市场还帮助实现利润的助跑。四大满贯赛网罗长期，独立经销商5 - 10年的供应合同，为现代化建设或升级换取现金。 1987年，44的美国独立汽油市场营销协会会员％的经销商销售的不名气体为主。这下降至23％在去年开始。托马斯L罗宾逊罗宾逊石油有限公司，经营29臭罗比加油站和周围旧金山，称该合同降低天然气可“点”的市场，数量上是有折扣一般买楼削减汽油总裁价格行动。 “我们现在看到的是通过这些专业的升级美元，”他说罗宾逊。提供资金资助新油漆和泵，幸存的行业整合有许多独立的知名品牌签署。石油巨头也正在使用nongasoline联盟，以提高利润。如阿莫科，埃克森美孚公司和德士古是结合快餐店和干洗店的业务。今年，阿莫科公司将共享财产和维护50个新加油站成本与麦当劳公司，从去年的13。这个想法：升压鼓励更加频繁停止销售和利润。这种联盟也提供了启动和削减经营成本底线。 “土地价格上涨，在过去几年来发展迅速，”凯西说，阿莫科公司的合作伙伴莱瑟姆发展经理。串联网站“让我们在得到更合理的价格更好的性能。” 耗油量。那么，在汽油价格最近助跑价格的证据挖？大多数分析家认为不是。直到几年前，大石油公司的补贴，汽油市场的炼油利润与超薄利润。和市场力量，分析人士说，将防止暴涨的利润。事实上，利润被挤压在最近几周，原油，石油价格已经上调的速度比该公司可以提高汽油价格。长远而言，如所罗门兄弟公司的分析家保罗挺拧相信高新技术站和宣传活动支出增加的利润可能会减少到深入。斯

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