Citgo For Sale?

[LTVibe]

Good news: Citgo could return to U.S. ownership.

Associated Press Report

Quote:
Chavez...has raised a possibility that once seemed remote: selling off Venezuela's U.S.-based oil company, Citgo Petroleum Corp.

 

[Johnny]

"Citgo is a bad business, and we haven't been able to get out of it," Chavez said in a televised speech late last month.

If that's the case, then it sure ain't worth the $10 billion he thanks it is.

 

[LS2JSTS]

The old Cities Service Company was a fantastic company in the midwest. Like Gulf Oil, just another victim of T Boone Pickens and his predatory ways.

Funny that Hugo would call it a "bad business", as I highly suspect if Citgo wasnt burdened with having his name and reputation attached to it, they would be far better off. It was a good company that fell under "bad ownership/management" IMO.

 

[GROUCHO MARX]

Wow, a socialist running what seems to be an indestructable business into the ground.


Who would believe it?

It's somewhat like what NY has done with Off Track Betting.

 

[MolaKule]

But isn't selling a business capitalism?

Shame on him.

He should be a good socialist and distribute it to the rest of us.

 

[duaneb9729]

Gets in line for his free shares!

 

[Pablo]

Quote:
"Citgo is a bad business, and we haven't been able to get out of it," Chavez said in a televised speech late last month.


You guys are great. (I mean that)

I'm thinking if you can't make money when you own the feedstock within your borders like a tinhorn general, you must be a commie idiot. So I wonder what went wrong?

 

[Bob Woods]

I quit buying Citgo, and a lot of other people did too.

 

[rainman49]

I can count the times I've bought Citgo gas in the last five years on one hand, and the only reason I bought it then was because I was on fumes and there were no alternatives.

 

[eljefino]

Read the article, it's just the US assets up for sale.

A foreigner would be slightly looney to invest in infrastructure in a banana republic, as they'd just liberate the knowledge and equipment once installed. IIRC this happened to Shell and Russia not long ago.

I signed up for a citgo 4% rewards CC about a month before 7/11 dropped the brand. Ah, the irony.

 

[LS2JSTS]

Google Sunonco, Venezuela and nationalization.

 

[defektes]

Originally Posted By: Bob Woods
I quit buying Citgo, and a lot of other people did too.


As did I, I'd like nothing more than to shoot that fat [censored] that ruined it.

 

[HTSS_TR]

Originally Posted By: eljefino

I signed up for a citgo 4% rewards CC about a month before 7/11 dropped the brand. Ah, the irony.


Seven-Eleven dropped Citgo because nobody buy their gas even at lower price than station(s) across the street.

A brand new Seven-Eleven opened 3-4 years ago on a busy street with 12 pumps, the most customer I saw on a weekend was 3 cars, while the old 76 station across the street had 4-5 cars or more with 8 pumps even the price was 5 cents per gallon more.

After they dropped Citgo few years ago, that 7/11 station has 2-3 times more customers now at the same price as 76.

People in America vote with their wallets. We send message to others: if you want to do business here then don't bad mouth American.

 

[Shannow]

LOL