Even Exxon is not immune to the rising price of crude oil. This is not a good indicator of where crude oil prices are headed. Exxon believes this will be a long lasting event that will effect their bottom line for years to come.
Exxon will sell off its retail gas outlets
By The Associated Press
Article Launched: 06/12/2008 01:42:49 PM PDT
HOUSTON - Exxon Mobil is getting out of the retail gasoline business, a market where profits have gotten tougher because of high crude oil prices.
The world's largest publicly traded oil company said Thursday it will sell its 820-company owned stations and another 1,400 outlets operated by dealers to gasoline distributors across the U.S.
Motorists will continue to see Exxon and Mobil stations throughout the country. About 75 percent of its roughly 12,000 stations in the U.S. are owned by branded distributors. Exxon Mobil will still sell gasoline to those stations and get paid for the use of its name.
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