Exxon Mobil exiting gas station business

With gas prices as high as they are, it might seem hard to believe that some gas companies aren't profitable, but apparently Exxon Mobil isn't doing as well as they might wish. The company just announced that it will be selling off its gas stations for financial reasons. We suspect that the industry keeps itself shrouded in mystery to protect its profit at times, but Exxon Mobil, Chevron and ConocoPhillips, to name a few, have all stated that certain nebulous factors in the supply, demand and refinery process have led to a steep drop in profitability. You know, dozens of billions instead of hundreds. To that end Exxon, for one, is shedding its stations.

Included in the sale will be the company's namesake gas stations. The retail group includes 820 self-operated stations and about 1,400 dealer managed outlets. The company wants suitors to know that this isn't desperation and that it will take at least a few years to finalize any sale. Because of the way the competition reacts to moves like this in the oil industry, we might see quite a bit of this sort of thing in the near future, as well. Hopefully this won't mean further consolidation and even higher pump prices for us motorists. Thanks for the tip, Josh!

[Source: The Street, Photo by David McNew/Getty]

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