With the gas prices reaching record levels there is renewed pressure on the U.S. government to bring windfall profits tax on oil companies.
In 1980, United States federal legislation was passed that levied such a tax on oil companies because of the profits they earned as a result of the sharp increase in oil prices brought about by the OPEC oil embargo.
Last week, ExxonMobil (XOM), the world’s largest integrated oil company announced that it is getting out of the U.S. retail gasoline business. Company announced it would be selling all of its 2,225 U.S. filling stations and convenience stores.
The world’s largest publicly traded oil company will keep the Exxon and Mobil brands, so consumers can still buy gasoline at stations that carry the Exxon and Mobil names.