7-Eleven Dropping Venezuela-Backed Citgo

[ketel0ne]

Convenience store operator 7-Eleven Inc. is dropping Venezuela-backed Citgo as its gasoline supplier at more than 2,100 locations and switching to its own brand of fuel.
The retailer said Wednesday it will purchase fuel from several distributors, including Tower Energy Group of Torrance, Calif., Sinclair Oil of Salt Lake City, and Houston-based Frontier Oil Corp.

A spokeswoman for Dallas-based 7-Eleven said its 20-year contract with Citgo Petroleum Corp. ends next week. About 2,100 of 7-Eleven's 5,300 U.S. stores sell gasoline.

Citgo is a Houston-based subsidiary of Venezuela's state-owned oil company, and the foreign parent became a public-relations issue for 7- Eleven because of comments by Venezuelan President Hugo Chavez.

Chavez has called President George W. Bush the devil and an alcoholic. The U.S. government has warned that Chavez is a destabilizing force in Latin America.

7-Eleven spokesman Margaret Chabris said that, "Regardless of politics, we sympathize with many Americans' concern over derogatory comments about our country and its leadership recently made by Venezuela's president Hugo Chavez."

Chabris said a boycott of Citgo gasoline would hurt the 4,000 employees of the U.S. subsidiary, who have no connection to Venezuela.

7-Eleven had been considering creating its own brand of fuel since at least early last year. Company officials said at the time they had spoken with independent fuel distributors.

http://www.breitbart.com/news/2006/09/27/D8KDA6A02.html

[Matt Timion]

that's good news for me. I get my gas as 7-11... perhaps it will be cheaper since I'm in Salt Lake City.

I do think it's a bid odd to cut ties with Citgo however because of nothing more than name-calling by Chavez. Seems like a trivial thing to blame it on.

[Matt Timion]

Originally Posted by theclencher

I think some nitwit at Reuters is trying to sensationalize or create a story where there is none. I don't think the idea of dropping Citgo popped into 7-11 exec's heads in the last week.

Agreed... giant reorganizing like that usually isn't done on a whim.

And if it is done on a whim, that company usually has a new board of directors by the next meeting.

[FormulaTwo]

Originally Posted by theclencher

News is supposed to be objective and factual. I don't think it is in this country. Most of it is op/eds disguised as "news". It's really sickening. No wonder people have gotten so cynical and/or apathetic.

I completely agree. It seems more like their goal, than anything.

[Brian D.]

Whatever the case may be for the change, I'm VERY HAPPY for it. It sickens me every time I drive past a CITGO.

[DaX]

Hurray for one more company severing ties to foreign oil!

[schmeep]

Hurray for one more company severing ties to foreign oil!

doesn't the u.s. have to rely on foreign oil, with the current amount of consumption?