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Arko to acquire Transit Energy Group for $375M
Arko Corp., a Fortune 500 holding company for Richmond-based convenience store chain GPM Investments LLC, announced Monday that GPM and some of its subsidiaries have agreed to acquire South Carolina-based Transit Energy Group for approximately $375 million plus the value of inventory. Transit Energy Group has about 150 convenience stores and fuel supply rights to […]
Higher gas prices are needed
The U.S. inflation rate, which reached 8.6% in May, is at its highest point in 40 years. In 1982, it was just over 6%. Since then, the U.S. inflation rate has hovered mostly in the 2% to 4% range. The inflation rate is determined by changes in the cost of a fixed basket of 80,000 […]
Pain beyond the pump
Ravi Patel watched as gas prices began their upward spiral and responded accordingly. To help offset fuel surcharges for deliveries, Patel, CEO of Sina Hospitality, placed larger orders for the linens, toiletries and other dry good items that his employees need to stock the Richmond-area hotels his company operates. “Kind of like everybody’s stockpile during COVID,” […]
Report: Virginia gas shortage leaps to 52% in one day
Updated 10 p.m. According to a website tracking gasoline prices and shortages based on crowdsourced data, 52% of Virginia’s gas stations had run out of gas as of 9 p.m. Wednesday, a gigantic leap since 5 p.m. Tuesday, when GasBuddy.com reported 8% outages in the state. The chief culprit appears to be panic buying prompted […]
Northam declares state of emergency related to gas pipeline shutdown
Gov. Ralph Northam declared a state of emergency Tuesday, five days after the Colonial Pipeline was shut down due to a cyber-attack. The Texas pipeline is the primary source of gasoline for many retailers in Virginia and elsewhere on the East Coast, so its prolonged closure would interrupt distribution of gas to the state, the […]
