Accounting Scandal Leads Phillips 66 Gas Stations To The Brink Of Bankruptcy
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Accounting Scandal Leads Phillips 66 Gas Stations To The Brink Of Bankruptcy

Phillips 66 gas stations in 4 states ran out of gas over the Labor Day holiday weekend. It was first reported that there were supply issues and the problem would be resolved. It has now come to light that there has been an internal scandal and that suppliers have cut off these stations. Some Phillips 66 gas stations are now on the brink of bankruptcy.

Phillips 66 gas stations in the United States are owned by several companies who use the Phillips 66 signs to advertise the type of gas they carry. PCF Saleco, a company based in Colorado, owns Phillips 66 gas stations in Missouri, Utah, Kansas, and New Mexico. Some of the gas stations owned by PCF Saleco starting running low on fuel on August 30th and many of them were accepting cash only. A press release from the company stated that there was a supply issue and that the problem would be resolved shortly.

It came to light after the gas shortage that three companies filed a petition of involuntary bankruptcy against PCF Saleco. The petition was filed in a Colorado district court claiming they were owed money. Core-Mark International, based in San Francisco, claims that it is owed $1.64 million. D & H Pump Service claims it is owed $10,778 and ACM Industries Inc. claims that it is owed $2,923. The filings do not automatically put PCF Saleco but the situation will now go before a court hearing to determine the company’s fate.

PCF Saleco says that all will be resolved and business will be back to normal in the near future. However after 3 weeks, the stores are still without gas. In Albuquerque where more than two dozen stores are affected, some local vendors are discontinuing shipments to the Phillips 66 stores. The Albuquerque Journal and the State Lottery Commission has stopped doing business with them entirely. Phillips 66 stations in Kansas City, Missouri are having similar problems.

An inside source at Phillips 66 who wanted to remain anonymous says that this is the result of an internal accounting scandal at PCF Saleco. The employee says that PCF Saleco is tight lipped about the real problems thay are having, but the future of the company is up in the air. Employees are unsure about the security of their jobs and are wondering if the stores will shut down completely.

Phillips 66 is a gasoline brand that is well known in many parts of the country. Having this kind of situation to happen to stores with their name on it is a black eye to the company. Phillips 66 says that they are trying to get the problem resolved but their hands are tied because of the contract they have with PCF Saleco. Meanwhile gas stations in four states are still without gas and a prominent chain is on the verge of collapse.

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Comments (3)

Are you a journalist? this is a very good article.

Thanks Latoya. But no, I just like digging for the truth when I smell something fishy.

This is a stark example of globalist control. When people are hit where it hurts most they are that much closer to being awake to what is in the near future.Well done article. I fully enjoyed reading and learning too.