Here’s a very good view from The economics of gas stations:
And from the same article, the major contributors for this decline are:
- Natural gas is getting cheaper and more popular
- Electric vehicles (EVs) and driverless cars pose a long-term threat to gas sales
- Real estate in urban areas (NYC, DC, San Francisco, Boston) can be utilized for more profitable endeavors, like condos or office developments
And do you know that there’s even a movement that bans new gas stations?
For now, we could watch all these things converge and new markets unfold.