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November 22, 2008 9:35:50 AM CST

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Exxon to Sell US Gas Stations

Posted Jun 13, 08 4:48 AM CDT in US,  Business 

(AP) – Exxon Mobil is getting out of the retail gasoline business, following other major oil companies who've been selling their low-margin stations to gasoline distributors. The world's biggest publicly traded oil company plans to sell to distributors its remaining 820 company-owned stations and another 1,400 outlets operated by dealers. The transition will take years.

Of the 12,000 Exxon Mobil stations in the US, about 75% are already owned by distributors, who buy the company's products and pay to use the name. Industry officials say the major oil companies own fewer than 5% of US gas stations.

Source Associated Press

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Exxon Mobil Corp. said Thursday, June 12, 2008, it's getting out of the retail gasoline business.   (AP Photo/David Duprey, File)
Exxon Mobil Corp. said Thursday it's getting out of the retail gasoline business, following other major oil companies who've been selling their low-margin stations to distributors.   (AP Photo/Lisa Poole, File)
Chairman of the Board and CEO of Exxon Mobil Corporation Rex Tillerson.   (AP Photo/LM Otero)
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gas prices • crude oil • Exxon Mobil • Big Oil • gas stations


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