In this article, we will be taking a look at the 10 largest gas station chains in the US. To skip our detailed analysis, you can go directly to see the 5 largest gas station chains in the US.
Gas stations in the United States are a major industry in and of themselves, and integral to the revenue and profits of the major oil and gas companies running them. According to Ibis World, the United States gas station industry is worth more than $138 billion, providing employment to hundreds of thousands of people across the country. The lonely gas station in an otherwise abandoned area has provided the backdrop to many movies and is an iconic image in and of itself.
Unlike most European countries, the United States is absolutely huge. Many states alone are bigger than some European countries which is why while public transport is a very efficient means of travel in the European regions, it is not as easily implementable in the United States. Further, while European cities are often built and amended to facilitate its citizens and allow for better public transport, cycling routes and pedestrian areas, U.S. cities, thanks to lobbying by major automakers in the country, are built to accommodate roads and cars, which is why cars are in huge demand in the country. Additionally, while most European governments are emphasizing on using alternative fuel to power automobiles, in addition to reducing the number of cars, diesel is still king in the United States and while alternative fuels are being implemented, the pace is slow and not making a significant impact in the near future. All of this shows why gas stations are so integral to the United States and why they are an entire industry.
In fact, such is the importance of gas prices in the country, that the outlook of Americans on their country rises and fall in accordance with the rise and fall in gas prices. If gas prices go up, there is greater fear that the country is on an uncertain path with vice versa holding true too. 2022 has been an uncertain year for the biggest superpower in the world and economic uncertainty has increased with inflation rising to near record levels and the threat of a recession looming over every decision the country makes. Gas prices have been notoriously high as well with one of the main reasons being the Russian invasion of Ukraine, which has led to sanctions against one of the world’s biggest oil and gas producer, leading to gas prices rising across the world. The United States was no exception with the national average price of gas in the country crossing $5 per gallon in June, before decreasing in subsequent months and leveling off. Since most people do not have an alternative to cars because of scant public transport, they have no choice but to allow gas prices to take up a bigger chunk of their total savings. While in the case of other products having their prices increased, people can opt for cheaper substitutes or just reduce their spending on that specific product, this is not true for gas as there aren’t really any alternatives to driving.
The psychological impacts of gas prices increasing are numerous as well. An economist with the Philadelphia Fed learned that people who were teenagers during the gas price shocks in the 1970s drove less even 20 years later as this is the first major product spend for most teenagers and if the cost is significantly high, they may be more averse to spending on it even if their level of disposable income increases.
There is another reason to be wary of gas prices in the future: OPEC+ recently announced that they’re going to be decreasing output by 2 million barrels a day. This was despite talks between Saudi Arabia and the United States continuing to ensure that oil supply was adequate so as to not increase price, and despite the latter being hopeful of an increase in output, OPEC+ contravened the wishes of the United States and decreased output, which can have additional ramifications as the United States considers sanctions against Saudia Arabia.
According to the U.S. Energy Information Administration, there is a potential of disruptions in the petroleum supply chain and the slower than expected oil production growth could lead to increasing oil prices in winter, when demand is higher. However, a slower than expected economic growth rate could lead to a decrease in oil prices. U.S. production meanwhile is expected to be around 11.7 million barrels per day and 12.4 million barrels per day in 2023, which will easily beat the record highs set in 2019, before the pandemic wreaked havoc globally. Further, the expected gas price in the U.S. is $3.8 per gallon in Q4 of 2022 and $3.57 in 2023, well below the frightening high of over $5 per gallon in June 2022. Despite the dependence on gas, the expected gasoline consumption in the United States is expected to decline in 2022 as compared to 2021, with consumption being 8.8 million barrels per day, 40,000 barrels per day less than as compared to 2021 and expected to remain at similar levels throughout 2023. The main reason behind declining consumption is increasing fuel efficiency, which has more than offset the increase in prices and rising demand.
The biggest gas station chains in the U.S. are operated by some of the biggest oil and gas companies in the world, each maintaining thousands of locations across the country. Together, the 10 biggest gas stations in the country operate more than 50,000 gas stations with a presence in most states and thousands of cities. Most of these gas stations will be familiar to you and odds are you’ve likely used one or more of these gas stations in your travels. Our rankings are based on both the number of gas stations each company operates along with the number of cities it operates in, with 70% weightage being assigned to the former and 30% to the latter. So, without further ado, let’s take a look at the gas stations you’re most likely to end up at when needing to refill your car, starting with number 10:
10. Murphy USA Inc. (NYSE:MUSA)
Number of stations in the U.S.: 1,532
Number of cities present in: 1,029
Murphy USA Inc. (NYSE:MUSA) is headquartered in Arkansas and unlike most of our entries, is not an oil and gas companies, instead just operating gas stations after spinning off from Murphy Oil. Texas is the state with the most Murphy USA Inc. (NYSE:MUSA) gas stations comprising 22% of all gas stations operated by Murphy USA Inc. (NYSE:MUSA).
9. ConocoPhillips (NYSE:COP)
Number of stations in the U.S.: 1,755
Number of cities present in: 930
ConocoPhillips (NYSE:COP) is an American giant which has operations in 15 countries with half of all production coming from the U.S. alone. Colorado is ConocoPhillips’s (NYSE:COP) preferred state and has around 23% of all ConocoPhillips (NYSE:COP) gas stations.
8. 76
Number of stations in the U.S.: 2,071
Number of cities present in: 933
Owned by Phillips 66 (NYSE:PSX), 76 is one of the biggest gas station chains in the U.S. and operates predominantly in Chicago which makes up nearly half of all 76 gas stations.
7. Phillips 66 (NYSE:PSX)
Number of stations in the U.S.: 2,474
Number of cities present in: 1,151
The only company with two entries in our list, Phillips 66 (NYSE:PSX) operates two gas station chains under the name of Phillips 66 and 76. Missouri is the dominant state which around a fifth of all Phillips 66 (NYSE:PSX) gas stations in the country.
6. Speedway
Number of stations in the U.S.: 3,308
Number of cities present in: 1,456
Speedway is an American gas station and convenience store chain which maintains its headquarters in Ohio. Present in 36 states, Speedway of course has its strongest presence in Ohio where close to 15% of all Speedway gas stations are located.
Click to continue reading and see the 5 Largest Gas Station Chains in the US.
See also:
- 12 biggest agriculture companies in the world
- 15 largest ecommerce companies
- Biggest Genomics Companies in the World
Disclosure: None. 10 largest gas station chains in the US is originally published at Insider Monkey.