Crescent Oil Leaves Gas Retailers High and Dry
FORT SCOTT, Kan. and PITTSBURG, Kan. -- Many gas stations across the Midwest were scrambling to find new fuel suppliers Wednesday after unexpectedly learning they would no longer be serviced by Crescent Oil Co., reported the The Fort Scott Tribune.
Owners and managers of area gas stations told the paper Crescent has filed for bankruptcy and would no longer supply fuel to any of its customers, although this was unconfirmed by the Independence, Kan.-based oil company.
Crescent Oil Vice President Jon Viets refused to comment on the company's standing or reasoning for the unannounced halt to fuel supply operations, but merely stated, "We are not really ready to address or comment on this yet," The Tribune reported.
One local gas station owner told the paper the situation was "a nightmare," while others reported they were out of fuel all day and "lost a lot of business."
In addition to the fuel delivery problem, gas stations also reported they were without the capability to process credit cards at the pumps. Most gas stations supplied by Crescent use credit card machines through Crescent's fuel supplier, ConocoPhillips.
A Pittsburg, Kan., station owner explained to The Tribune that every transaction for fuel would automatically be processed by ConocoPhillips and Crescent's cut of the money would automatically be withdrawn. "We didn't want to credit anything else to Crescent," the owner said. "That is what an attorney told us to do anyway."
It was also reported many local gas stations voiced concerns of Crescent reportedly filing for bankruptcy without paying or returning funds owed to the individual stores. Crescent Oil distributes petroleum to more than 340 locations in Kansas, Oklahoma, Arkansas, Missouri, Illinois and Louisiana.
Crescent Oil is owned by Titan Global Holdings Inc. of Richardson, Texas, which was recently in the news for its financial/fuel supply troubles with another subsidiary, Appalachian Oil Co. (Appco).
CSNews Online recently asked its readers "What's Up with Appco?" in a Spare Change blog post. To see what observers are saying, or to add your own thoughts, click here.
Owners and managers of area gas stations told the paper Crescent has filed for bankruptcy and would no longer supply fuel to any of its customers, although this was unconfirmed by the Independence, Kan.-based oil company.
Crescent Oil Vice President Jon Viets refused to comment on the company's standing or reasoning for the unannounced halt to fuel supply operations, but merely stated, "We are not really ready to address or comment on this yet," The Tribune reported.
One local gas station owner told the paper the situation was "a nightmare," while others reported they were out of fuel all day and "lost a lot of business."
In addition to the fuel delivery problem, gas stations also reported they were without the capability to process credit cards at the pumps. Most gas stations supplied by Crescent use credit card machines through Crescent's fuel supplier, ConocoPhillips.
A Pittsburg, Kan., station owner explained to The Tribune that every transaction for fuel would automatically be processed by ConocoPhillips and Crescent's cut of the money would automatically be withdrawn. "We didn't want to credit anything else to Crescent," the owner said. "That is what an attorney told us to do anyway."
It was also reported many local gas stations voiced concerns of Crescent reportedly filing for bankruptcy without paying or returning funds owed to the individual stores. Crescent Oil distributes petroleum to more than 340 locations in Kansas, Oklahoma, Arkansas, Missouri, Illinois and Louisiana.
Crescent Oil is owned by Titan Global Holdings Inc. of Richardson, Texas, which was recently in the news for its financial/fuel supply troubles with another subsidiary, Appalachian Oil Co. (Appco).
CSNews Online recently asked its readers "What's Up with Appco?" in a Spare Change blog post. To see what observers are saying, or to add your own thoughts, click here.