Wadsworth Oil Company of Clanton, Inc.: Growth and Prosperity
Celeste Carroll Onchuck
July 2, 2023
Gasoline is gasoline; it is not a commodity that can be altered, updated, or made unique for a
company to increase sales. Thus, individuals working in the "downstream" sector of the oil
industry, specifically convenience store owners, must find unique ways to attract customers if
they hope to operate successful businesses. In the early 1900s, owners of the first filling stations
quickly realized this and almost immediately began offering additional services or products.1 The
nature of the convenience store business has not changed over time. Competition dictates "street
prices," but the price of crude oil is extremely volatile. Therefore, convenience store owners
must watch the market carefully and possess the ability to make wise decisions on a daily basis.
Entrepreneurs who sell gasoline at the pump have to manage complex business elements that
retailers of general merchandise do not. The prices of nonrenewable natural resources are not
always based on supply. Demand drives the price of oil more than supply; and sentiment, or
speculation, is also a determinant.2 A convenience store without gasoline is nothing more than a
mini-market, and although popular in foreign countries, these types of stores have not been
widely successful in the United States.
A young entrepreneur with no ties to a specific industry might find the risks of starting a
convenience store business to be too great. Those whose families have been involved in the oil
industry for years accept a challenge if they continue in the family business. James D.
Wadsworth was born in Macon County, Alabama in 1947 to an oil jobber. An oil jobber acts as
the middleman between the petroleum refining companies and the companies that sell gasoline to
customers at retail prices. As a teenager, Wadsworth worked with his father and learned the
1
Oil and Gas Industry: A Research Guide, Library of Congress Research Guides, August 2022,
https://guides.loc.gov/oil-and-gasindustry#:~:text=Oil%20and%20natural%20gas%20are,of%2Dthe%2Dart%20technology.
2
Salvatore Carollo, Understanding Oil Prices: A Guide to what Drives the Price of Oil in Today's Markets,
1st ed. Vol. 628 (Chichester: John Wiley & Sons, Ltd., 2012), p. 36-37.
business of supplying gasoline to "mom and pop" stores, or non-franchised filling stations
throughout Macon County. Wadsworth graduated from Auburn University in 1972 with a degree
in mechanical engineering. He continued working with his father, his uncle, and his older brother
after college until 1977 when he bought a business from a small Amoco dealer in Clanton,
Alabama. 3
Wadsworth originally planned to stay in the business with his family, and until 1995, he
operated the stores in Clanton while his family managed the stores in Macon County. During
those years, Wadsworth made the decision to salary operate his stores, and he says that was one
of his best business decisions. Salary operating the stores meant that Wadsworth would have to
deal with the day-to-day hassles of the convenience store business, but he would make a greater
profit by doing this than by leasing his stores and only profiting from rent payments. Wadsworth
was business savvy and knew how to handle those day-to-day hassles. He hired Terry Carroll as
his financial controller, Al Headley as his store supervisor, Lisa Taylor as his office/IT manager,
and Debbie Brown as his merchandise manager. These employees were vital to the effective
management of Wadsworth's stores throughout the state of Alabama, and they made
Wadsworth's decision to salary operate the stores a successful one.4
In 1995, Wadsworth's brother who then owned the other half of the company unexpectedly
told Wadsworth that he wanted to divide operations. Although taken by surprise, the separation
allowed Wadsworth to move forward on his own with no setbacks. He created Wadsworth Oil
Company of Clanton, Inc. and trademarked "The Store." By 2020, Wadsworth operated ten
convenience stores throughout central Alabama. He kept up with the latest trends in the industry,
3
Jim Wadsworth, President, Wadsworth Oil Company of Clanton, Inc., 1977 - 2020, interview by Celeste
Onchuck, June 13, 2023, Former Offices of Wadsworth Oil Company of Clanton, Inc. Clanton, Alabama,
https://www.youtube.com/watch?v=b65_5iozR68.
4
Ibid.
and his stores always received the highest health department ratings. Wadsworth always knew he
would sell his business when he wanted to retire, and he used wisdom and intuition as he
carefully decided when the time was right. Circle K acquired Wadsworth Oil Company in 2020,
and the sale was evidence of four decades of dedication and prudent entrepreneurship.5
The years between 1977 and 2020 saw drastic and continuous rises in the price of oil.6
Although this was a challenging time for those involved in all sectors of the oil industry, and the
increases in the price of oil are notable, these increases did not have a serious or lasting effect on
Wadsworth Oil Company. Wadsworth was always quick to make necessary adjustments. His
expertise at reading market signals, his knack for real estate, and his understanding that his
business was only as strong as his personnel were factors that led to prosperity. His decisions to
reinvest his earnings into the company along with his spirit of generosity proved to yield great
profit. The values of honesty and integrity are ones Wadsworth takes seriously, and his
adherence to the highest ethical standards make him stand out as a successful businessman.
Despite small obstacles over the years and the general increase of the prices of oil and
convenience store merchandise, Wadsworth grew his company exponentially and is a great
example of American entrepreneurship and the essence of capitalism.
When a businessperson has dealings in the volatile gasoline industry, he or she must be
capable of watching the market and making quick adjustments as the price of crude oil changes
frequently. Although this is by no means the only concern of the convenience store owner, the
price of petroleum is indeed what "fuels" the business. The first sharp increase in the cost of
5
"Wadsworth Oil Sells Company to Circle K," Convenience Store News (August 26, 2020),
https://www.csnews.com/wadsworth-oil-sells-company-circle-k.
6
"Crude Oil Prices: A 70 Year Historical Chart," Macrotrends, Accessed June 12, 2023, <a
href='https://www.macrotrends.net/1369/crude-oil-price-history-chart'>Crude Oil Prices - 70 Year Historical
Chart</a>.
crude oil occurred in 1973 when the Organization of Arab Petroleum Exporting Countries
(OAPEC) instituted an oil embargo on the United States because of their assistance to Israel
during the Yom Kippur War.7 Prices rose from an average of $25.00 per barrel to over $65.00
per barrel.8 OAPEC rationed the amount of petroleum it sold to refineries. The refineries had no
choice but to ration petroleum to oil jobbers. The jobbers could only deliver as much as they
were rationed, so filling stations and convenience stores were forced to ration the gasoline to
their customers. Some stations limited the number of gallons customers could purchase. Others
created schedules for customers to buy gasoline on certain days. For example, customers with
license plates ending in odd numbers might be allowed to purchase gasoline on certain days of
the week, while those whose tags ended in even numbers could purchase on the other days.
When all the gasoline at a station was purchased, the business would not have an income from
fuel sales.9 Wadsworth had only recently graduated from college in 1973, and he was still
working with his family in Macon County when the embargo was enacted, but he witnessed the
colossal impact geopolitical affairs could have on the convenience store industry and the
measures company owners took to adjust to the market spikes.
Oil prices continued to rise over the next decade, and by mid-1980, the price of crude oil
reached $148.32 per barrel.10 What happened next was to be expected. As the price of oil
increased, the demand decreased, causing an oversupply. By 1986, the price of petroleum had
7
Anja Ristanavik, "Major Oil Market Crashes in History," Oil and Energy Online, Accessed June 10, 2023,
https://oilandenergyonline.com/articles/all/major-oil-market-crashes-history/.
8
"Oil Shock of 1973-1974," Federal Reserve History, Accessed June 12, 2023,
https://www.federalreservehistory.org/essays/oil-shock-of-197374#:~:text=October%201973%E2%80%93January%201974&text=The%20embargo%20ceased%20U.S.%20oil,a%
20barrel%20in%20January%201974.
9
Terry Carroll, personal communication with author, June 15, 2023.
10
"Average Annual OPEC Crude Oil Price from 1960 to 2023 (in U.S. Dollars Per Barrel)," Statista,
Accessed June 10, 2023. https://www-statista-com.eu1.proxy.openathens.net/statistics/262858/change-in-opeccrude-oil-prices-since-1960/.
plunged to $36.89 per barrel, and all sectors of the industry were affected tremendously.11
Wadsworth made the necessary adjustments in the 1980s to stabilize his company, and when Iraq
invaded Kuwait in 1990, he did not sustain any substantial financial losses.12
The next significant rise in the price of petroleum occurred over the course of several years.
Between 2003 and 2008, the price rose steadily, and in July 2008, it reached $171.60 per barrel,
the highest price ever recorded.13 It was a challenging time for the company, but Wadsworth and
his team overcame the obstacles, upheld their commitment to honesty in all business and
financial situations, and continued to prosper.
Weather phenomena, specifically hurricanes, can affect oil distribution. The U.S. Department
of Energy lists recent hurricanes Michael (2018), Florence (2018), Nate (2017), Irma (2017),
Harvey (2017), Sandy (2012), Isaac (2012), Earl (2010), Ike (2008), Gustav (2008), Rita (2005),
and Katrina (2005) to have caused energy disruptions.14 Wadsworth recalls the rations that
resulted from these disruptions, chiefly during the days immediately following hurricanes
Katrina and Rita when most crude oil production in the Gulf of Mexico was shut down and
capacity significantly decreased in refineries in Louisiana and Alabama. Wadsworth maintains
that rations on the amount of petroleum he could purchase presented the greatest challenge to his
company.15
11
Ibid.
Carroll, personal communication with author, June 15, 2023.
13
"Crude Oil Prices," Accessed June 12, 2023.
14
"Oil and Gas Disruption from Hurricanes Katrina and Rita," Congressional Research Service. Accessed
June 14, 2023,
https://www.everycrsreport.com/reports/RL33124.html#:~:text=Hurricanes%20Katrina%20and%20Rita%20shut,20
%25%20of%20natural%20gas%20output.
15
Wadsworth, interview by author, June 13, 2023.
12
As the price of petroleum changes, the street prices of gasoline also fluctuate.16 Street prices
are the numbers the customers see, and some individuals have misconceptions regarding the
price of oil and the profit of local gas station owners. Wadsworth says that when the price of oil
increased and drove up the street prices, customers commented that he must be making more
money.17 This was not the case. As the prices of petroleum increased by the barrel, his profit
margin would narrow as he tried to keep the prices of gasoline at his stores reasonable for his
customers. Credit card fees were Wadsworth's highest expenditure after payroll, and this factor
caused his profit margin to decrease exponentially as the price of gasoline increased. There were
times when Wadsworth sold gasoline at cost, only profiting from inside sales, and there were
months over the course of forty-three years when costs were greater than profit. Carroll
generated these monthly reports and the annual profit and loss statements. The gains invariably
compensated for the losses, and the yearly statements proved this without exception.18
Wadsworth developed a simple system for watching local prices and determining the price for
gasoline at his stores each day. The managers of each of his stores were responsible for looking
at the price signs at the other convenience stores in the vicinity as they drove to work in the
mornings. When they arrived at work, they would immediately email the information to Headley,
the store supervisor. He and Wadsworth would quickly discuss the prices and set them for the
day. Branded petroleum companies do not negotiate prices with oil jobbers. They sell gasoline at
wholesale terminal price. Consequently, time is of the utmost importance when setting gasoline
prices at the stores. If the price of oil increases and anyone on the street does not raise his
location's prices immediately, it hurts sales for the other stores in the vicinity.
16
Roberto Aguilera and Marian Radetzki, "The Price of Oil since the Early 1970s: Observations and
Implications," In The Price of Oil (Cambridge: Cambridge University Press, 2015), 11-22.
17
Wadsworth, interview by author, June 13, 2023.
18
Carroll, personal communication with author, June 15, 2023.
We always made more money when the pump price came down because our buying cost
had dropped a little more. Wadsworth says, "On the transition down, we did really good,
and we would level out. The P and Ls (profits and losses) were very volatile, but it's just
the opposite of what people think.19
Wadsworth Oil Company's profit and loss statement for January 1, 2019, is depictive of the
last several years of the company's operations. The report provides raw financial data regarding
sales, costs, and expenses. In 2019, total fuel sales equaled $51,515,783.49. Of that, customers
purchased $31, 291, 531.76 of unleaded fuel, $3,110,747.64 of midgrade fuel, $3,847,130.18 of
superior grade fuel, and $13, 608, 560.78 of diesel fuel. Also included in that number was the
total for diesel exhaust fluid (DEF) which equaled $93,186.39.20 DEF is used in selective
catalytic reduction systems to reduce the pollutants in diesel exhaust and was mandated by the
Environmental Protection Agency (EPA) for all ¾ ton or larger diesel trucks in 2008.21 Inside
sales at convenience stores contribute to overall profit, and in 2019, Wadsworth Oil Company
grossed $15, 515, 783.49 from merchandise, bringing the total income for the year to
$68,167,983.45.22
The 22.76% from inside sales does not rival the 76.21% of the total income from gasoline
sales, but merchandise attracts customers, and the profit margin from inside sales is considerably
greater than the profit margin from fuel.23 Wadsworth placed typical convenience store
merchandise in his stores, but he also included popular food items such as Hunts Brothers Pizza,
and F'Real Milkshakes. When he built a store in Pelham, a suburb of Birmingham, Alabama in
19
Wadsworth, interview by author, June 13, 2023.
Wadsworth Oil Company of Clanton, Inc. Consolidated Profit and Loss Statement, 2019,
https://pditechnologies.com/, accessed by Terry Carroll, June 15, 2023.
21
"Diesel Particulate Filter General Information," United States Environmental Protection Agency,
Accessed June 26, 2023, https://www.epa.gov/sites/default/files/2016-03/documents/420f10029.pdf.
22
Wadsworth Oil Company, Profit and Loss Statement, 2019.
23
Ibid.
20
1990, he thought that to compete with the other stores on the interstate exit, he needed a branded
fast-food restaurant. He decided to sell chicken instead of hamburgers, but he knew that he
needed a branded chicken, not just "a Jim's chicken" at that particular location. Harlan Sanders
(Colonel Sanders) sold home-cooked meals, including what would become his world-famous
chicken, at the gas station he managed in Kentucky in the late 1930s, until Wadsworth
constructed his store in Pelham in 1990, a Kentucky Fried Chicken-convenience store
combination had not been built.24 Wadsworth's was the first of its kind, and it was successful
under his ownership. Wadsworth's store was named the highest-volume KFC in the Birmingham
area for a period of time.25 The broasted chicken sold at some of his other locations was popular
among local customers and was a favorite at family gatherings, church potluck dinners, and
social events.
Location is critical in the convenience store industry, and Wadsworth admits he had a "knack
for real-estate." He explains that he chose the best location for his stores by thinking about what
the customers think. He also studied traffic reports generated by the Alabama Department of
Transportation when deciding to build at a new location.26 He explained that the corner on the
right side of an interstate exit is ideal, and it is best to be on the "far side of the red light."27
The entrepreneurial spirit of the child who asks his mother to help him sell lemonade is not
discouraged by the costs of operation, but as any entrepreneur quickly learns, the financial costs
and expenditures of operating a business are high. Payroll was the largest expense, followed by
credit card service charges. Wadsworth reinvested a large percent of the company's profit back
24
Melissa Locker, "This Is Where the Original Kentucky Fried Chicken Recipe Was Created," Southern
Living, August 22, 2018, https://www.southernliving.com/travel/kentucky/harland-sanders-cafe-and-museum.
25
Wadsworth Oil Company, Profit and Loss Statement, 2019.
26
"Alabama Traffic Data," Alabama Department of Transportation, Accessed June 15, 2023,
https://aldotgis.dot.state.al.us/TDMPublic/.
27
Wadsworth, interview by author, June 13, 2023.
into his business, and this ultimately resulted in tremendous growth. Between 1977 and 2020, he
built stores in eight more locations, and made frequent upgrades to his stores, keeping them in
pristine condition. Wadsworth firmly believed that trying to undercut the competition would not
bring the best results for his company, and he made every financial decision with the utmost
integrity. His integrity extended to all aspects of the company and its finances. Wadsworth said
to Carroll when he sold the company,
Terry, in the 32 or 33 years you've worked for me, we never had a fuss. We never raised
our voices at each other, and I think I know why: because you were my accountant, and
you were great. If I'd asked you to do something that was questionable on taxes and we
both knew we were fudging and we shouldn't, you would have told me you wouldn't do
it. As far as I know, I never asked you to do that, but if I had, you wouldn't have.28
Among oil industry related events, the one that impacted Wadsworth Oil most significantly
was the British Petroleum (BP) Gulf Oil Spill.29 On April 20, 2010, off the coast of the Gulf of
Mexico, the Deepwater Horizon oil rig exploded. Eleven crewmembers were killed instantly,
seventeen others were injured, and numerous others experienced long term effects from direct
contact with the crude oil. The well spewed for 87 days, emptying 3.19 million barrels (134
million gallons) into the Gulf of Mexico.30 On April 4, 2016, federal judge, Carl Barbier
approved the largest environmental damage settlement in U.S. history. The penalty was the
highest criminal penalty imposed upon a single entity in the history of the United States.31
28
Wadsworth, interview by author, June 13, 2023.
Ibid.
30
"Deepwater Horizon Oil Spill Settlements: Where the Money Went," National Oceanic and Atmospheric
Administration, Accessed June 23, 2023, https://www.noaa.gov/explainers/deepwater-horizon-oil-spill-settlementswhere-moneywent#:~:text=The%20Deepwater%20Horizon%20criminal%20case,half%20directly%20benefits%20the%20Gulf.
31
Deepwater Horizon Oil Spill Settlements: Where the Money Went," National Oceanic and Atmospheric Administration,
Accessed June 23, 2023, https://www.noa a .gov/explainers/deepwater-horizon-oil-spill-settlement.
29
Attorney General Lanny A. Breuer said, “The explosion of the rig was a disaster that resulted
from BP’s culture of privileging profit over prudence."32
The impact of the spill on Wadsworth Oil Company was not related to finances, supply levels,
or sales, but it affected Wadsworth on a more personal level. Wadsworth was in a precarious
position. He had served on the Nature Conservancy's Board of Trustees (Alabama) since 1996,
and due to BP's negligence that contributed to the disaster, he felt it was not in his best interest to
continue the business relationship. Director of the U.S. Securities Exchange Commission's
Division of Enforcement said at a news conference,
The oil spill was catastrophic for the environment, but by hiding its severity BP also
harmed another constituency – its own shareholders and the investing public who are
entitled to transparency, accuracy and completeness of company information, particularly
in times of crisis. Good corporate citizenship and responsible crisis management means
that a company can’t hide critical information simply because it fears the backlash.33
The company Wadsworth purchased in 1977 was an Amoco dealer, but in 1998, BP bought
Amoco. Wadsworth remained with BP until 2011, but when he began to hear reports that BP had
not been forthcoming about the incident, he broke ties and changed his brand of gasoline to Shell
Oil. He says BP did not think he would make such a move, and he maintains that "the major oil
companies look out for their businesspeople, no matter what brand you're in."34 Shell pursued
Wadsworth Oil Company because of its interstate locations, Wadsworth says.
Wadsworth's affinity for nature was evident in his decision to change suppliers. His respect for
nature also influenced his decision to build the first and only LEED certified convenience store
32
"BP Oil Spill Settlement," C-Span video, 29:28, November 15, 2012, https://www.c-span.org/video/?3094821/bp-oil-spill-settlement.
33
"BP Oil Spill Settlement," C-Span., Accessed June 22, November 15, 2012.
34
Wadsworth, interview by author, June 13, 2023.
in the state of Alabama. LEED is an acronym for Leadership in Energy and Environmental
Design. Most LEED certified buildings are much larger, but Wadsworth wanted to build a
convenience store according to eco-friendly standards. Wadsworth says that building costs were
approximately 15% higher for this store in McCalla, but upon completion, the store met the
requirements necessary for certification and included features such as a reflective white roof;
large, insulated windows; interior lights with brightening/dimming sensors; water saving features
on plumbing fixtures, and counters constructed from recyclable materials.35
Wadsworth did not marry early in life, and he has no children. For years, he had planned to
sell his business when he was ready to retire, so the decision was not hasty or unforeseen. He had
always made careful and wise decisions as he watched the market, and his decision to sell the
company in August of 2020 was also a conscientious one. The price of property suitable for
convenience stores was almost cost prohibitive. Wadsworth also knew that as the independent
stores with unbranded gasoline were growing in popularity and number, he could not easily
compete with them (unbranded gasoline was purchased from the same companies as name brand
petroleum such as Exxon and Shell, but it did not have the same additives as the name brands). A
Love's station was built in Clanton, and it took a sizeable percentage of his diesel sales.
Wadsworth's experience and expertise as a businessman was such that he could have continued
to operate his stores, but the investments required to keep up with his competition would have
been substantial. As Wadsworth planned for the sale of his business, one stipulation he made was
that the buyer keep his current store employees. Circle K committed to upholding his request and
submitted the highest bid. Wadsworth and his team proceeded with the sale. Spencer Cavalier of
Byington, Pat. "Alabama’s First Solar Gas Station Opens in McCalla." Bham Now. June 16, 2020. https://bha
mnow.com/2018/07/02/convenience-store-goes-sola r/.
35
Matrix Downstream Energy & Convenience Retail Investment Banking who managed the
transaction said of Wadsworth,
Jim built one of the highest performing niche marketing chains that we have seen in the
market," said Cavalier. "We greatly appreciate the opportunity to advise him and his
talented management team, led by Terry Carroll, through this successful sale process.36
Wadsworth's investments of time and money into organizations such as the Nature
Conservancy for which he was named the longest serving trustee in the Alabama Chapter, the
Cahaba River Society, the National Redwood Society, and Forever Wild are evidence of his
generosity. In 2018, the Nature Conservancy nominated Wadsworth as a trustee for the National
Philanthropy Day Award. He was also named the Land Conservationist of the Year by the
Alabama Wildlife Federation in 2018. He has given to these organizations as well as to other
charitable causes. He and his wife, Debbie, established an Ascension St. Vincent’s Chilton
endowment, and he currently serves as a member of the St. Vincent's Foundation Board. He is
also a member of the Chilton Auburn Club which funds scholarships for high school graduates
from the county to attend Auburn University.
Wadsworth says that he built his company upon the principle of honesty, but this goes
without saying, as he naturally exudes honesty, integrity, humility, and generosity. Wadsworth
took the small oil jobber business that his father began in 1929 and turned it into a multimilliondollar company. Wadsworth possesses the characteristics necessary for success in the
convenience store industry, and he used his business knowledge and skills wisely as he operated
his company for more than four decades. The result was the perfect example of American
entrepreneurship in small town America.
36
"Wadsworth Oil Sells Company to Circle K," Convenience Store News, 2020.
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