I lease a General Store that had a fuel station, I had it removed with the verbal promise a local oil company would replace it and pay me 1200.00 per month rent. He (the owner) came and assessed the area with a tank building company then faxed me a lease that he drew up and then before it was signed he reneged. The loss of fuel has killed my business. Can I sue him? This took place in 2008 and my sales revenue has gone from 800,000.00 in 2007 to 275,000.00 in 2011.

Please explain how you can lease a property from an owner yet 'have the gas station removed.'
Just from what you say so far, it doesn't sound like you have a case.
Besides, the entire economy tanked after 2007. That proves nothing.
The verbal agreement doesn't sound too promising a basis for a lawsuit, but you can try.

THere is the saying that a verbal promise is only worth the paper its printed on...

Meaning, its going to be VERY difficult to prove what was said verbally if the other party isn't in full agreement with what you claim... and you would bear the burden of proof... meaning its up to YOU to prove that's what was said. A difficult task to say the least. Difficult in if you want to win... its easy to file... not easy to win.

And as joypulv stated... the economy tanked during that time for most businesses... quite a few went out of business... you can't compare 2007 revenue to 2011 revenue.

Also a very possible repercussion would be when the lease ends... the owner might not want it to renew it with you, at any price.

I lease a General Store ... He (the owner) ... then faxed me a lease that he drew up and then before it was signed he reneged. ...

It appears that your lease expired. He has no obligation to renew.

I see no basis for any law suit, I see some poor business choices not having it in writing, not having talked to the new gas company and not having it all in writing. But see no basis for any law suit, Sounds like time to go rent another station or ask for a lower lease where you are at.