Esso tiger finally retires from retail business

News that Exxon Mobil Corp. is abandoning the retail gasoline business in the United States should come as no surprise to anyone paying the ludicrously high prices to drive in this country and elsewhere. The world's largest publicly held oil company said Thursday that it would sell its remaining 2,200 gas stations in the U.S. but continue to sell gas under the Exxon and Mobil names, apparently because it can make a lot more money concentrating on its drilling and refining businesses. The company will maintain the Exxon and Mobil brands, Exxon spokeswoman Prem Nair said, even though it will not own the stations that sell the fuel. "We are in a very, very challenging market. Margins are reduced," Nair said. "We feel the best way for us to grow and compete is through our distributor network." Exxon Mobil earned $40 billion last year, according to the Reuters international news service. Retail sales only generated 10-15 percent profits while oil production earns 30-45 percent profits, Reuters said.