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Exxon To Sell Stations In U.S.
Seems it is more of a headache than it is worth to them. Though they won't be losing any money. They seem to just be transferring the headache of running the stations to private owners and let them deal with the public.
http://news.yahoo.com/s/nm/20080612/bs_nm/exxon_dc_3 Ron **) |
I cannot remember the last time I bought gas at an Exxon or Mobil gas station. Maybe 10 years ago. Around these parts, they are very high priced on the gas. I always go to one of three locally owned gas stations.
The profit margin for the gas station owner is terrible. Always has been ... its a very price sensitive market. Many people will drive an extra 3 miles to get gas at 5 cents less. |
Many of the stations were private in the beginning anyway.
Seems like the whole system has gone full circle. :D :D |
Well, you know, Exxon is taking a hit. They only had record net profits of $10.9 billion in the first quarter of 2008, of which almost nothing is going toward exploration of new oil fields.
I know a person that leases a station from Exxon. Exxon has a monitor in the store for the pumps. If she increases the price of gas more than 2 cents over what she pays for the gas from Exxon, Exxon automatically raises her wholesale cost. She is not renewing her lease at the end of July as she can't make a living off the sale of gas anymore and the c-store doesn't generate enough income. |
:(
We don't have many if any Exxon stations left around here, but I have heard on the news that several stations are going to close and basically for the reasons stated by Nevermind. That combined with the fact that many people live in outlying areas and have to drive 50 miles each way to work and are cutting way back on driving is making it hard on the small stations up in the mountains which have to pay a huge amount to just have gas delivered to them. Darn, imagine living 65 miles up in the mountains and the only gas station around there closed. Ron :( |
Well, they are selling off the stations because they are raking Americans over the coals on fuel cost. Why would they want the retail end when they can make what they are making selling it to themselves and to other franchise owners.
It doesn't take a very expensive calculator to show you they are ripping us off. |
Steve
Exxon Mobil reported Friday that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent to $40.6 billion, thanks to surging oil prices. The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 countries. 40 billion in income with 400 billion in sales is a profit of 10% on sales. Not an excessive "percentage", but its a $hitload of dollars. |
They are also paying taxes at the rate of 41%.
The Government is making 14% and Exxon is making 9% on every gallon sold. Exxon is taking all the risk while Uncle Sam just pockets the money. As we all (should) know,businesses don't pay taxes...the customer does. |
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