I have often pointed out that oil companies do not make money by gouging at the pump. In point of fact they make their money by taking oil from the ground free and selling it for $100 per barrel. Here is addition evidence to prove my point.
HOUSTON — 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 gasoline distributors.
This has been going on for years and anyone with their eyes open can see how many independents are out there and they are not making their money on gas sales but on convenience store items.
Other stores are owned by individuals who pay oil companies a fee to use their name.
The latest trend is for the oil companies to sell their refineries for the same reason…the profit is in taking oil out of the ground not in processing.
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