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 “This basic law of economics hasn’t been repealed, last we checked.