ExxonMobil to sell 2,220 gas stations

[Manuel]

Oil giant Exxon Mobil Corp. plans to sell its company-owned gas stations, saying they aren't profitable enough even with gasoline selling at $4 per gallon.

The nation's largest oil company, which earned nearly $41 billion last year, says it will sell more than 2,000 stations over the next few years.

"The fuels marketing sector is a very challenging market," ExxonMobil spokesperson Prem Nair said, adding that the company is feeling particular pressure from hypermarkets like Wal-Mart that sell gasoline.

ExxonMobil plans to sell 820 owned and operated stations as well as 1,400 stations leased to dealers. The 2,220 stations make up about 1/5 of the Exxon and Mobil stations in the United States. The company says the stations to be sold will continue to sell ExxonMobil product.

Source: ExxonMobil to sell 2,220 gas stations - CNN.com

 

[Toro]

They are correct.

The refiners and marketers have not been able to pass on the cost of crude to customers. They are getting squeezed and their profits getting hit.

 

[Zoomie1980]

They are correct.

The refiners and marketers have not been able to pass on the cost of crude to customers. They are getting squeezed and their profits getting hit.

Now what that means to the consumer is do NOT expect gas prices to fall anywhere near as fast as they have risen. People need to remember that after Katrina when gas briefly went to $3.00 oil was only about 70. It took near 90 to get to 3.00 again and 130 to get it 4.00. Refiners are going take advantage of the coming oil crash to make some money back, as is your local dealer.

 

[Chester Burnett]

gas is a ripoff. quit driving. ride a bike

 

[AllieBaba]

Dear child, we are not all able to wallow in accessible shopping and public transportation as city dwellers do. I'm all for yanking the vehicles of those who live in cities, however. They have no problem with inflicting hardship upon their rural neighbors when the planet is groaning and they fear those nasty landowners will subdivide all the places they like to visit on vacation.

I say it's time for them to feel a little of the pain.