sements. The red winged horse soon would identify them.After the war the companies focused on their foreign markets more. In addition, they started finding new ways to use oil and oil BI-products. Both companies developed chemicals with new technologies. Socony created a chemical company called Mobil Chemical Company in 1963. With this new company Sucony became the first to produce such products. This gave them low costs to establishing the brand since they were first. Jersey was not far behind with their chemical company in 1965, the Exxon Chemical Company. Both chemical companies dealt with such products as olefins, aromatics, polyethylene and process fluids. They both had manufacturing locations in several countries, which increased their buyer power, and they were able to be closer to some of their suppliers. In 1966 the Socony-Vaccum Company changed its name to Mobil Oil Co. and Mobil Oil become its wholly owned subsidiary. Jersey followed suit with the change of their name in 1972 to Exxon in the U.S. and foreign markets to Esso. With the change of their name both companies where able to tie all the mergers and acquisitions under one name. This in turn would help their brand identity. (ExxonMobil Official Website)In the 1970’s came the oil embargo of Iran. This rocked Exxon and Mobil with rocketed prices and disruption in the companies’ suppliers. Also the companies were not free to develop new products to maintain their competitive advantage. Mobil and Exxon were forced to look for other oil opportunities around the world. They found new oil developments in the Gulf of Mexico as well as Africa and Asia. At the end of the embargo and the decade oil was in surplus. Both companies competed with very low costs to the consumer. They both would continue to compete against each other with very low prices. Competitiveness was worldwide now and new costs were arising with expansion. Exxon and Mobil used their new profits to co...
