Oil And Gas Prices Are Going So High That ExxonMobil Is Selling Off Gas Stations For Lack Of Profit

If you are one of those diehards who refuses to believe that the oil companies are not engaged in price gouging, you need to read the following from CNN:

Oil giant Exxon Mobil Corp. plans to sell its company-owned gas stations, saying they aren’t profitable enough even with gasoline selling at $4 per gallon.

Now, how could gas station be “not profitable enough” if they are reaping extra profits through price gouging?

This is simply one of the first signs that serious economic downturn is on the horizon and coming at us fast. If oil companies are becoming reluctant to distribute, that will mean supply shortfalls which in turn will lead back to the gas lines we saw in the late 1970’s under Jimmy Carter.

The Dems in Congress need to stop fooling around with idiotic ideas like investigating bogus price gouging claims, suing OPEC and trying to punish consumers by raising the price of gas through harsh taxes. Instead, we need to produce right here at home and we need to do it now. (ANWR, Offshore drilling, Oil-shale.)

More:

The nation’s largest oil company, which earned nearly $41 billion last year, says it will sell more than 2,000 stations over the next few years.

“The fuels marketing sector is a very challenging market,” ExxonMobil spokesperson Prem Nair said, adding that the company is feeling particular pressure from hypermarkets like Wal-Mart that sell gasoline.

Again, if they were able to manipulate the price of gas, this wouldn’t be happening.

You can access the complete article on-line here:

ExxonMobil To Sell 2,220 Gas Stations
Alan Chernof
CNN.com
June 12, 2008

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