Houston, TX – Exxon Mobil Corp. said today it’s getting out of the retail gasoline business, following other major oil companies who’ve been selling their low-margin stations to gasoline distributors.
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Motorists, however, will continue to see Exxon’s Tiger-themed stations and Mobil outlets in their neighborhoods.
Already, about 75 percent of Exxon Mobil’s roughly 12,000 stations in the U.S. are owned by branded distributors, who buy Exxon Mobil products and pay to use the name.
Irving-based Exxon, the world’s biggest publicly traded oil company, said it now plans to sell to distributors its remaining 820 company-owned stations and another 1,400 outlets operated by dealers.
“As the highly competitive fuels marketing business in the U.S. continues to evolve, we believe this transition is the best way for Exxon Mobil to compete and grow in the future,” said Ben Soraci, the director of Exxon Mobil’s U.S. retail sales.
They must beleive that the market is at the peak, and prices are going to drop sharply soon. It is always good to sell on a high.
wishfull thinking.
Everything that goes up, comes down, think stock market, real estate, and next gas prices
Price falls when supply outpaces demand. Demand is quite healthy and growing exponentially despite these high prices. Oil is a non-renewable commodity. Don’t hold your breath.
According to my local Lukoil owner, they only make between 5 and 10 certs per gallon that they sell. The money is in repairs, snacks, etc.
DRILL NOW!!
PAY LESS!!
to anonymus 11:32 pm, don’t hold your breath – maybe not – but IYH things will come down as everything does. note though that during rush hour, the roads are not as full as they used to be. people are definitely car-pooling and using the trains – it’s a FACT! daven – Hashem will help!
i wish prices would come down but that aint going to happen call me skeptical if you want but all the arabs are ltuning us into a laughing stock when they deposit the money in the bank
bush is an oil man i don’t think he cares if prices go up
i fogot he is till a good pres besides that
Screw it! Too damn bad! The US of A is gonna have to reform and conserve just like everybody else!! We will build better rail systems (America has the worst rail system of any country of its caliber!) and we will drive more efficient motor-vehicles …and .. Sorry to all the SUV lovers … you’ll have to feed your macho self-esteem statement other-wise!!
lets face the facts
we will never have gas less then $4 per gallon
i see chasidim driving there bikes to work
smarty-pants 6:30am : what does chsidim have to do with this?
with all the talk of “increase usage”, the fact is that for every 1% decrease in the value of the dollar increases the cost of a barrel of oil $4. Do the math
Drill Here!
Drill Now!!
Pay Less!!!