There will soon be longer lines at gas stations in many states around the country. But it won’t be for the usual reason of limited fuel supplies.
Now, in another example of the tumultuous economy, Exxon Mobil Corp. has announced its plans to sell 2,200 company-owned gas stations.
The planned sale will account for about 20 percent of the Exxon and Mobile stations in the United States.
ExxonMobil, the largest oil company in the United States, earned $41 billion in 2007. But the amount wasn't enough.
During the next few years, ExxonMobil plans to sell 820 owned and operated stations as well as 1,400 stations leased to dealers.
"The fuels marketing sector is a very challenging market," ExxonMobil spokesperson Prem Nair told CNN. Nair said the company has increased competition from hypermarkets like Wal-Mart that sell gasoline and often at lower prices.
The company says the stations to be sold will continue to sell ExxonMobil product.
California and New York each have the most ExxonMobil stations, each with more than 200. Texas, Florida, Maryland, Tennessee and Virginia also have large numbers of ExxonMobil stations.