Our Big Oil Companies now making a fortune …on us

[bgreene]

February , 2022

Yes indeed EXXON getting rich on charging us at the pump - and EXXON supports Republicans :

“….Oil and gas production, Exxon's largest business, posted a $6.1 billion operating profit, the highest in two years. Earnings benefited from an 80% increase in oil prices and doubling of natural gas prices compared to 2020.”

[Pipe_Dream]

Originally Posted by bgreene

February , 2022

Yes indeed EXXON getting rich on charging us at the pump - and EXXON supports Republicans :

“….Oil and gas production, Exxon's largest business, posted a $6.1 billion operating profit, the highest in two years. Earnings benefited from an 80% increase in oil prices and doubling of natural gas prices compared to 2020.”

How much money did Exxon lose in 2020?

[bgreene]

Originally Posted by Pipe_Dream

How much money did Exxon lose in 2020?

During the pandemic and related economic slow down Exxon lost money.
What’s your point ?

My point is obvious - the hypocrisy of big oil and republicans LOVING high oil prices

[scook]

It makes sense that fossil fuel organizations would favor Republicans, since democrats have pronounced their goal of putting them all out of business.

Regarding hypocrisy, oil company executives have a legal, fiduciary responsibility to their shareholders (many of them pension funds that regular people depend on for their incomes) to produce profits. I find it annoying that prices at the pump always seem to come down more slowly than they should, but as Pipe pointed out, they lost a bunch of money very recently. Not seeing the hypocrisy here.

On the other hand, look no farther than Biden. Swearing to shut down fossil fuels, starting his first day in office - no more drilling on federal land, etc. and now threatening to fine companies for not extracting the maximum, drilling on their leases, etc.

Republicans loving high oil prices? They must have said that on CNN - no one with a scintilla of critical thinking could honestly make that claim.

[bgreene]

Originally Posted by scook

It makes sense that fossil fuel organizations would favor Republicans, since democrats have pronounced their goal of putting them all out of business.

Regarding hypocrisy, oil company executives have a legal, fiduciary responsibility to their shareholders (many of them pension funds that regular people depend on for their incomes) to produce profits. I find it annoying that prices at the pump always seem to come down more slowly than they should, but as Pipe pointed out, they lost a bunch of money very recently. Not seeing the hypocrisy here.

On the other hand, look no farther than Biden. Swearing to shut down fossil fuels, starting his first day in office - no more drilling on federal land, etc. and now threatening to fine companies for not extracting the maximum, drilling on their leases, etc.

Republicans loving high oil prices? They must have said that on CNN - no one with a scintilla of critical thinking could honestly make that claim.

Big oil supports republicans - big oil is now making a fortune on high oil prices.
FACTS

[scook]

Yeah - I think their profit was around 4%-4.5%. When business volume is huge, a moderate profit is huge in absolute, but not necessarily relative terms. Are you making a fortune on an investment that returns that rate, particularly when inflation is far above that?

Yes - Republicans have an actual understanding of what works to have a strong enough economy to be able to afford to pursue other goals. Democrats are so ideologically driven that they are blind to the massive destruction they are doing to the economy, promoting lawlessness and building a debt so huge that repayment will either be impossible or require printing massive amounts of money, in either case probably costing us our leadership position in the world, and the dollar as the trusted world currency.

[bgreene]

Originally Posted by scook

Yeah - I think their profit was around 4%-4.5%. When business volume is huge, a moderate profit is huge in absolute, but not necessarily relative terms. Are you making a fortune on an investment that returns that rate, particularly when inflation is far above that?

Yes - Republicans have an actual understanding of what works to have a strong enough economy to be able to afford to pursue other goals. Democrats are so ideologically driven that they are blind to the massive destruction they are doing to the economy, promoting lawlessness and building a debt so huge that repayment will either be impossible or require printing massive amounts of money, in either case probably costing us our leadership position in the world, and the dollar as the trusted world currency.

Debt ?
Under Trumps policies of tax cuts for corporations our debt surged .
FACT.
Trump loves debt - personally and for our country .

[Pipe_Dream]

Originally Posted by bgreene

During the pandemic and related economic slow down Exxon lost money.
What’s your point ?

My point is obvious - the hypocrisy of big oil and republicans LOVING high oil prices

You have a big issue with companies making record profits, but no issue at all when companies have record losses. Companies exist to make money, right? And to make a profit for shareholders. You do understand this? How are they behaving hypocritically?

You do know that oil companies are increasingly donating to Democrats, or did Clown News Network not tell you that?

[bgreene]

Originally Posted by Pipe_Dream

You have a big issue with companies making record profits, but no issue at all when companies have record losses. Companies exist to make money, right? And to make a profit for shareholders. You do understand this? How are they behaving hypocritically?

You do know that oil companies are increasingly donating to Democrats, or did Clown News Network not tell you that?

Hahahahaah Big Oil gives mostly to Republicans- FACT .
Big Oil loves high oil prices - FACT

And they laugh all the way to the bank as Biden gets blamed.
Hahahah the hypocrisy but it’s true - all true

[Pipe_Dream]

Originally Posted by bgreene

Hahahahaah Big Oil gives mostly to Republicans- FACT .
Big Oil loves high oil prices - FACT

And they laugh all the way to the bank as Biden gets blamed.
Hahahah the hypocrisy but it’s true - all true

“In a trivial sense, it’s true that businesses set prices to maximize their profits. They also choose wages and the level of employment to maximize profits,” said Jason Furman, President Barack Obama’s top economic adviser, who called complaints about corporate greed “just political ranting.”

from "Amid inflation, rising prices fuel charges of corporate greed" by David J. Lynch, Washington Post

"Just political ranting" describes our beloved bgreene to a T.