By
Associated Press
.
Published: Thu, June 12, 2008 - 10:01 pm
Last Updated: Thu, June 12, 2008 - 10:05 pm
Exxon Mobil is getting out of the retail gasolinebusiness, 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.
The Irving-based company didn't disclose financial details but
said the transition will take place over a "multiyear period."
However, 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.
Exxon Mobil Gusher: $14.8B Profit
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WOW, I never seen this coming, got to be bad. Exxon not selling gas isn’t that one of the signs of the Apocalypse?