The Economy of Gas Station Businesses 

Gas station businesses are doing well financially in the United States. According to the National Association of Convenience Stores, gas station sales totaled $637 billion in 2020, a 3.2% increase from 2019. This growth was driven by increased demand for fuel and other convenience store products such as snacks and beverages. Additionally, gas station owners have seen an increase in profits due to the rise in fuel prices over the past few years.

Changes in a number of laws have affected gas stations in a variety of ways. In recent years, these changes have taken place. 

1. The Renewable Fuel Standard (RFS) requires gas stations to sell fuel that contains a certain percentage of renewable fuels such as ethanol and biodiesel.

2. The Clean Air Act requires gas stations to install vapor recovery systems to reduce air pollution from gasoline vapors.

3. The Energy Policy Act of 2005 requires gas stations to post fuel economy labels on pumps to help consumers make informed decisions about their fuel choices.

4. The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) requires gas station owners to register with the Nationwide Mortgage Licensing System and Registry (NMLS). This is intended to protect consumers from fraud or predatory lending practices.

5. The Occupational Safety and Health Administration (OSHA) has issued regulations requiring all employers, including gas station owners, to provide a safe working environment for their employees by following safety guidelines such as providing protective equipment and training employees on how to safely handle hazardous materials.

Staying ahead of the information and being ready to adapt is key for any business. At Filthy Rich Idea, we believe that you can never be too prepared. 

If you believe your business is ready for a loan for your gas station, please get in touch with Filthy Rich Idea at 888-369-4332 to find out more info or fill out our online application today for a business loan. We got your back!