I'm not sure people realize how many different steps there are between drilling a well and filling a gas tank.
Almost every step has been disintermediated - many refiners never own the gasoline they refine: they are processing it for the owner.
The chart in #48 seems to show the more accurate trend.
About 37% of U.S. gas stations selling branded fuels are owned and operated by licensed independent retailers, and more than half of all gas stations are owned by an individual or a family.
Read more: Why Are There 115,000 (or 150,000) Gas Stations in America? - 24/7 Wall St. http://247wallst.com/economy/2014/05/22/why-are-there-115000-or-150000-gas-stations-in-america/#ixzz33FjJDHmB
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