strredwolf | Texaco buying Citgo? No, not exactly.

There's a report out on CBS News about 7-Eleven dropping Citgo because of Venesualia and politics. I'm not exactly going to link it. Instead, I'm going to rewrite it a bit:

CITGO DROPS 7-ELEVEN, INDEPENDENT OWNERS TO CONCENTRATE ON OWN SUPPLIES
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Citgo Petroleum Corp, the US subsidary of Venezuela's state-run oil company, dropped it's supply agreement with 7-Eleven and various independent owners, citing lackluster business and lack of resources in areas not served by it's own refineries.

This sent 7-Eleven to price out fuel suppliers for it's own brand of petrol(gasoline), and found several suppliers that were cheaper than Citgo. Citgo origionally had to buy up to 130,000 barrels of petrol a day from third parties to meet service contracts at 13,100 Citgo-branded stations across the United States. Independent station owners sought other providers, some switching to Texaco/Chevron.

In a statement today, 7-Eleven said while the company's decision was partially motivated by politics, plans to split away from Citgo were already under way. "Certainly [Venezuelan President Hugo] Chavez's position and statements over the past year or so didn't tempt us to stay with Citgo," said 7-Eleven spokewoman Margaret Chabris. "Regardless of politics, we sympathize with many Americans' concern over derogatory comments about our country and its leadership recently made by Venezuela's president."

What's intresting for me, is that 7-Eleven once owned Citgo in 1983, before selling it to Venezuela seven years later.