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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....
This couldn't have happened to a nicer person. I'm delighted. The only way it could get better is if Hugo Chavez tailspins into a blue funk for a week over this.
This was a good business move. By the way, I should remind everyone to buy Danish products. The Arabs are boycotting them for those tame, but accurate cartoons that were published in a Danish newspaper.
Dr. Ronnie L. Baity | 10/25/2010
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