Exxon Mobil (XOM) is getting out of the US retail gas business as sky-high crude oil prices squeeze margins.

According to Reuters, Exxon plans to sell the 2,200 gas stations it owns in the US over the several years.

“High oil prices will lead to lower oil demand,” observes Dan Denning from the other side of the world. “This basic law of economics hasn’t been repealed, last we checked.“With oil, it has reached the point that what’s good for energy investors is bad for the economy. Something will have to give. That’s the beauty of markets. Left unmolested, they work. The X factor is Iran. There’s no accounting for how much geopolitical premium is in oil.

“What is clear is that high oil is already hammering the transport sector, putting airlines out of business and aggravating truck drivers, who pay for diesel, all over the world. If truckers are taking to the streets in protest, consumers won’t be far behind (although we presume they will be on foot or on bike, and not driving… this revolution may not be motorized). This modern oil economy simply isn’t built to handle energy that’s this expensive.”