Jun
13
Exxon Mobil selling off gas stations
June 13, 2008 |
Exxon Mobil said on Thursday that it was withdrawing from the retail gas business in the United States, citing the “very challenging” business conditions for its service stations.
Exxon, the world’s largest publicly traded oil company, said it would sell the roughly 2,220 service stations it owned across the United States, including about 820 that it also operated.
The company will maintain the Exxon and Mobil brands, an Exxon spokeswoman, Prem Nair, said.
Of the 12,000 or so Exxon Mobil-branded stations in the United States, about 75 percent are already owned by others.
Service stations have struggled, even with soaring gasoline prices, because they have not been able to push the high cost of crude oil on to customers. According to federal data, gasoline prices are up about 31 percent over the last year.
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