The Exxon Mobil branded stations won’t disappear overnight, however, as close to 10,000 stations are owned independently by families or companies outside of Exxon. Furthermore, the oil giant aims to sell its stations to companies that distribute Exxon fuel, reports Dallas News.
High fuel prices have also seen motorists shy away from spending extra money in store, also cutting into profits.
A spokesperson for Exxon confirmed that reduced margins and significant competitive growth from hypermarkets and grocer markets had led to the decision but that the company is committed to delivering more than 14 billion gallons of fuel to the U.S. market this year.