Fuel margin

Definition

The cents a gallon between wholesale cost and the pump price, thin and constantly moving.

Why It Matters

It swings with wholesale prices and the competitor across the road, so normalize it across a cycle rather than trusting one strong year. Then ask the harder question about the tanks: who owns them, how old they are, and when they were last tested. Underground storage is an environmental liability with a replacement cost that can rival the purchase price, and it is the reason a Phase II assessment belongs in this deal.