CITGO - The Consequence Of Words; The Power Of Action :: MAXINE
In the last two and one-half months since Venezuelan President Hugo Chavez verbally assaulted President Bush and the United States during a speech at the United Nations, many Americans have taken to responding with their pocketbooks.
According to reports, business at many CITGO branded stations is down over 15%.
7-11 Stores has sought to distance itself from the CITGO brand.
Analysts don't expect anti-Chavez sentiment to have a lasting effect on CITGO's bottom line, since gasoline consumers typically put price above principles.
But amid the backlash, the Houston company, last month, began running full-page ads in major newspapers touting its 4,000 U.S. employees, its program to provide discounted heating oil to needy Americans, and work on behalf of charitable causes, such as disaster relief and fighting muscular dystrophy.
CITGO won't discuss the campaign's cost, but says it's not an effort to repair any financial damage from a consumer backlash targeting more than 13,000 independently owned, CITGO-branded U.S. filling stations.
And now the state of Florida has begun an effort to undo it's exclusive contract with CITGO to supply fuel to the Florida Turnpike (tollway).