Wednesday, June 25, 2008

Oil Industry shifts to alternative fuel

http://www.dallasnews.com/sharedcontent/dws/bus/stories/050108dnbusexxonrockefellers.b4874c03.html
A majority of members of the Rockefeller family called on Exxon Mobil Corp. on Wednesday to look beyond the oil and gas industry and invest in renewable energy.

Descendents of John D. Rockefeller, who founded Exxon predecessor company Standard Oil, say they're concerned that the company will quickly fall behind its peers, which tout their investments in biofuels and wind energy.

http://www.cnn.com/2008/US/06/12/exxon.mobil/index.html
(CNN) -- Oil giant Exxon Mobil Corp. plans to sell its company-owned gas stations, saying they aren't profitable enough even with gasoline selling at $4 per gallon.

The 2,220 stations make up about 1/5 of the Exxon and Mobil stations in the United States.

The nation's largest oil company, which earned nearly $41 billion last year, says it will sell more than 2,000 stations over the next few years.

"The fuels marketing sector is a very challenging market," ExxonMobil spokesperson Prem Nair said, adding that the company is feeling particular pressure from hypermarkets like Wal-Mart that sell gasoline.