Lock'em UP!!!!!

[Lost_in_the_HTTP]

Exxon, Chevron post massive Q1 profits amid soaring gas prices

The Hill|15 minutes ago
Energy giants Chevron Corp. and Exxon Mobil Corp. on Friday posted huge profits bolstered by sky-high gas prices and told investors that they plan to keep oil production mostly flat.



Sounds crooked to me.

 

[SmCaudata]

The GOP sheep will still blame Biden "regulations" even in the face of this truth.

It's time we passed a law similar to Warren's idea that would require a tax as a percentage of reported profits. You know these companies are somehow paying nothing or close to it.

 

[interchange]

I dunno this is what always happens when there's threat of volatility in markets. In the long-run companies are also missing out on things like R&D spending and building customer relationships.

 

[dank69]

If Trump were still President his supporters would use this as proof of how great he is making America.

 

[fskimospy]

I’m not sure what the issue here is. A lot of their costs are fixed and the value of the thing they are selling went way up. What are they supposed to do, sell below market value?

I think there’s a decent argument for some sort of windfall profits tax or whatever but I’m not aware of any misconduct on their part here. If there is, what is it?

 

[Homerboy]

I’m not sure what the issue here is. A lot of their costs are fixed and the value of the thing they are selling went way up. What are they supposed to do, sell below market value?

I think there’s a decent argument for some sort of windfall profits tax or whatever but I’m not aware of any misconduct on their part here. If there is, what is it?

I think the point is Tucker and the GOP are still going to blame Biden.

 

[fskimospy]

I think the point is Tucker and the GOP are still going to blame Biden.

Tucker and the republicans are going to lie about something? Why I never.

 

[Lost_in_the_HTTP]

I’m not aware of any misconduct on their part here. If there is, what is it?

"and told investors that they plan to keep oil production mostly flat."

They could increase output and bring prices down, but they prefer to rake in profits at our expense.

I call that misconduct.

 

[fskimospy]

"and told investors that they plan to keep oil production mostly flat."

They could increase output and bring prices down, but they prefer to rake in profits at our expense.

I call that misconduct.

You’re saying private oil companies are supposed to forego profits so that you can save money?

 

[eelw]

I’m not sure what the issue here is. A lot of their costs are fixed and the value of the thing they are selling went way up. What are they supposed to do, sell below market value?

I think there’s a decent argument for some sort of windfall profits tax or whatever but I’m not aware of any misconduct on their part here. If there is, what is it?

Yes fixed prices set world wide. But horrible optics when they are making record profits during these times. And harder for oil companies to give back to consumers unlike Amazon and Walmart just laughing their way to the bank. They could provide good will and lower prices to fight this inflation. Nope Bezos just increasing his wealth

 

[Fenixgoon]

"and told investors that they plan to keep oil production mostly flat."

They could increase output and bring prices down, but they prefer to rake in profits at our expense.

I call that misconduct.

Sure companies have some level of unwritten social obligation, but keeping prices of commodities low isn't one of them i would argue (and I'm normally happy to rail on greedy companies)

If anything,we have conditioned ourselves to expect gas to be cheap. Couple with fuel inefficient vehicles (incentivized by cheap gas) and the middle class not getting its cut over the last 50+ years, is no surprise that gas hits people hard.
So don't buy a brick of a truck and live closer to work. And yes, the average worker would be getting paid much more than they are

 

[fskimospy]

I mean if you want to nationalize the oil industry just say so.

 

[SmCaudata]

Sure companies have some level of unwritten social obligation, but keeping prices of commodities low isn't one of them i would argue (and I'm normally happy to rail on greedy companies)

If anything,we have conditioned ourselves to expect gas to be cheap. Couple with fuel inefficient vehicles (incentivized by cheap gas) and the middle class not getting its cut over the last 50+ years, is no surprise that gas hits people hard.
So don't buy a brick of a truck and live closer to work. And yes, the average worker would be getting paid much more than they are

My issue remains in that somehow the blame for high gas prices is successfully placed on democrats and people pursuing green energy and environmental change. To date, none of these policies have really been the cause of increased prices. In addition, I'm sick of subsidizing them and letting them not pay taxes.

So in my mind, if you are getting handouts from taxpayers and are largely profitable on the backs of taxpayers you should be less greedy. Don't bite the hand that feeds you and all that.

 

[fskimospy]

Yes fixed prices set world wide. But horrible optics when they are making record profits during these times. And harder for oil companies to give back to consumers unlike Amazon and Walmart just laughing their way to the bank. They could provide good will and lower prices to fight this inflation. Nope Bezos just increasing his wealth

Exactly. Maybe this is a politically/public relations bad idea for them but they aren’t doing anything wrong. If we want them to increase production we should incentivize this in some way.

 

[Fanatical Meat]

It has become appears to to me current democratic leadership does not have to guts to lock any of these turds up.

 

[SmCaudata]

Exactly. Maybe this is a politically/public relations bad idea for them but they aren’t doing anything wrong. If we want them to increase production we should incentivize this in some way.

Incentive: if you ever want bailouts, tax breaks, or wrist slaps in the future, lower your prices. If not, we will let our biggest anti corporate legislators come up with ways to make you pay your fair share.

 

[ivwshane]

It has become appears to to me current democratic leadership does not have to guts to lock any of these turds up.

Lock them up for what?

This is what capitalism looks like.

What it highlights is just how stupid our energy policy has been for decades,

 

[Brovane]

"and told investors that they plan to keep oil production mostly flat."

They could increase output and bring prices down, but they prefer to rake in profits at our expense.

I call that misconduct.

Increasing output in the Oil industry takes capital investment over a number of years.
If I was a oil executive, I wouldn't be really putting a lot of money into producing more oil and I would be looking to shift that money into green energy.

 

[Lanyap]

Another factor for the high prices.

Why are gas prices so high? These obscure traders are partly to blame

‘Nobody with power is looking at what they’re doing,’ but they’re helping to drive searing gas prices despite increased oil production

www.theguardian.com

In a 2020 earnings call with analysts, Shell CEO Ben van Beurden called Shell’s trading “core to the success of our company, it actually makes the magic in many cases”. Shell typically earns as much as $4bn annually from this trading.

 

[NWRMidnight]

I’m not sure what the issue here is. A lot of their costs are fixed and the value of the thing they are selling went way up. What are they supposed to do, sell below market value?

I think there’s a decent argument for some sort of windfall profits tax or whatever but I’m not aware of any misconduct on their part here. If there is, what is it?

Deliberately reducing or capping production and/or closing/not opening up oil drilling sites, as well as refineries, to artificially keep prices high which directly increases the price of the product they are selling. They are deliberately not increasing production to meet demand to keep such prices inflated. Its no different than price fixing, it's just a different means of doing it.

 

[Fenixgoon]

Deliberately reducing or capping production and/or closing/not opening up oil drilling sites, as well as refineries, to artificially keep prices high which directly increases the price of the product they are selling. They are deliberately not increasing production to meet demand to keep such prices inflated. Its no different than price fixing, it's just a different means of doing it.

the effect is the same, but how is it any different than say...a luxury brand that intentionally limits production to keep its prices high?

at some point, there will be a physical limit to capacity though. just like chip production, building a refinery doesn't happen overnight

 

[SmCaudata]

the effect is the same, but how is it any different than say...a luxury brand that intentionally limits production to keep its prices high?

at some point, there will be a physical limit to capacity though. just like chip production, building a refinery doesn't happen overnight

I think we can agree that Fossil fuel energy isn't (and shouldn't be) in the same category as Rolex.

 

[fskimospy]

Deliberately reducing or capping production and/or closing/not opening up oil drilling sites, as well as refineries, to artificially keep prices high which directly increases the price of the product they are selling. They are deliberately not increasing production to meet demand to keep such prices inflated. Its no different than price fixing, it's just a different means of doing it.

What crime is that?

 

[NWRMidnight]

the effect is the same, but how is it any different than say...a luxury brand that intentionally limits production to keep its prices high?

at some point, there will be a physical limit to capacity though. just like chip production, building a refinery doesn't happen overnight

Is it really the same thing? I mean I have never came across a point in my life that a luxury limited edition product (basically a collectors item bought by the rich to show their penis size) that nobody actually needs and can disappear tomorrow and would have zero effect on societies as society is not dependent on a luxury item for survivability. It's just a want, not a need. Gasoline is something nearly every person needs to live and survive in one form or another.


I find it interesting you use chip production as your example. Wasn't it not to long ago memory chip suppliers where I'm trouble for price fixing via limiting production and such to artificially inflate prices, which they plead guilty too?

HItting the physical production capacity limits is different than chosing to limit the production output. One is by choice and one is not. Chosing to purposely limit production to inflate prices technically can carry legal consequences such as fines and such for most consumer products, (computer memory for example) but why not gasoline, specially since it's more of a necessity that just a consumer product that people can go without?

 

[NWRMidnight]

What crime is that?

See my respons above. It's a form of price fixing, something memory manufactures where in trouble for by limiting production to artificially inflate prices and increase profits. I am sure there are other examples, yet, those products are not even close as a necessity as fossil fuels are.