Goodbye Exxon Mobil
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With the gas prices on the rise, Exxon Mobile is saying goodbye to the retail gas business in the United States.
Exxon Mobil (XOM - Cramer’s Take - Stockpickr) said Thursday that it’s getting out of the U.S. retail gasoline business and will sell its portfolio of company-owned gas stations.
The portfolio includes 820 self-operated retail outlets, as well as roughly 1,400 gas stations that are managed by dealers
Exxon and Mobile were at one time the biggest gas giants in the United States, until they combined into one company. There have been attempts to lower the gas price by boycotting the Exxon Mobile gas stations — but it seems that attempt will no longer be valid. Exxon says not to expect immediate changes, as the retail location sales will take place over the next few years.
Well, with Exxon Mobile going out — who will be the next big gas giant here in the United States? How do you think we can lower the gas prices — or is it impossible?
Comments are welcome,
Justin Capasso
3 Comments
the oracle
June 12th, 2008
at 11:52pm
I think you miss the point - there will be no more stations branded Exxon, Esso, or Mobil - that changes nothing. The gas price problems are from the derrick to the station, not from the station to your tank.
So there will be a bunch of new names, which someone will think is clever, most will think lame, and it will be business as usual.
The only way to achieve lower prices for any time is to collectively state that we, as customers, will use only the barest minimum of gasoline until the ridiculous pricing comes down.
Those who read a lot of my stuff, and see my comments will think I’m like a broken record, but if you haven’t seen, The Formula, a 1980 thriller about the oil business, you should - it will clear all of this up quite nicely, while being very entertaining.
Matt Ryan
June 13th, 2008
at 6:22am
Great points all around. I have to agree with the oracle’s comments as well. Defeating the oil companies, OPEC, and anyone else that’s contributing to this false increase in oil barrel and gasoline gallon prices is an uphill battle to say the very least.
We need to be as loud as we are frugal. This means perhaps taking a more active role as a citizen in demanding some action on the part of our public servants on capital hill. I know, so many of them say that they aren’t able to do anything, and that’s true as long as everyone sits on their hands on the issue hoping that it goes away before the next election year.
Fact is prices are being driven up by speculation more than actual real-world problems. The more we publicize how terrible this is and how bad the future looks, the more people will continue to bid and pay the expected price shouted out by speculative analysts. Blame the future bids on Wall Street as well, as they sure haven’t done anything to solve the crisis other than make enormous profits off of their rumor mongering.
Dick Wright
June 13th, 2008
at 7:20am
Unless we control the supply, we will never control the price. We have the resources in the ground and off shore to become energy independent, and the technology to do so safely. We all would love to have a viable alternative to carbon fuels but it is not a realistic option and will not be for years. In the mean time life must go on so lets get real and let the energy companies do what they do best: produce energy.