11:11 • 2 years ago

ExxonMobil, Shell making a crapload of money off high oil prices

69% quarterly profit increase for ExxonMobil source

» And yet you’re paying $4 a gallon for gas: The world’s most iconic oil company scored $10.65 billion in profits for the quarter, which is at least in part due to the fact that oil is currently over $100 a barrel. While the company had other factors in play, other companies are getting same the oil-price bump: Shell, for example, had a 30 percent leap in profits. Maybe we’re crazy here or something, but … isn’t there a point where you hand these profits down to the consumer? You can afford it.

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neightkelly said: The Law of Supply: All else held constant, when the price increases, so does the supply. This is just common sense. When the price of oil increases, the demand falls but the supply increases because there’s more incentive. They make money off of it.
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