Estimates Claim 2006 Closed at Reduced Gasoline Theft Losses
Released on = March 19, 2007, 2:57 am
Press Release Author = Shushmul Maheshwari
Industry = Retail
Press Release Summary = Gas theft cases at US fuel stations incurred a loss of US$ 300 Million in 2005. But gasoline theft losses are expected to reduce in 2006.
Press Release Body = RNCOS has come up with a new report on US convenience stores called "US Convenience Stores: A Market Analysis" that provides extensive research and rational analysis on the burgeoning US convenience stores market. This report helps clients to analyze the opportunities and factors critical to the success of the convenience stores market in US.
The report finds gasoline theft is a problem in highly populated metropolitans of US. In these areas, retailers have projected monthly losses as high as US$ 1,500 per store.
The National Association for Convenience Stores (NACS) says gas stealing cost fuel stations around $300 Million in 2005 as against $267 Million in 2004. The figures for 2006 will not come until spring, but Jeff Lenard, spokesman, NACS, expected the numbers to settle somewhere between those of previous two years.
Lenard said in news reported by the-daily-record.com, "People were given less opportunities to steal gas last year. 2006 saw some retailers going to prepay for the first time. 2005 was a year that gas thefts went from a problem to an extreme problem and retailers realized they had to take measures against it\".
However, Lenard said that many fuel stations are still reluctant to shift to prepay mode despite the hiked gas theft reports.
Lenard further added, "\"It\'s a challenge for convenience stores to mandate pay at the pump. If one station is 'prepay' and another one down the road is not, people are going to go to the one that is not".
Instead of prepay mode, Lenard suggested to go for a new way of payment, Pump-on LCC, that lets a cash customer to swipe his driving license before gasoline is dispensed. This can make driver's license suspension possible as a penalty for gasoline theft.
Lenard said. "That way, the system knows who you are if you drive off. I see this method growing in time".
The state, to assist in cutting down gasoline thefts, enacted legislation in 2003 making the driving license cancellation possible as penalty for gasoline theft.
"Whether it\'s because of the chance of losing a license or because of more companies going to prepay and the anticipation that Pump-on will branch out, there can be a major dip in gas thefts this year," added Lenard. About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today\'s globally competitive environment.
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