BIG OIL'S DOING FINE!!!!!

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February 11, 2023
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"Oil companies make money by locating oil and gas reserves buried in rocks under the earth's surface, and drilling down to release them.

The costs don’t vary that much as the price goes up or down, but the money they make from selling it does.

So when oil prices soared after the invasion of Ukraine, the money these companies made from selling oil and gas massively increased as well."
 
"We hold some economic truths to be self-evident. One such truth?

“Companies always want to raise prices, companies always want to make more money,” said David Wessel at the Brookings Institution. “And what has happened in recent times is demand, particularly demand for goods have been very strong. And that has allowed companies to increase prices.”

In many cases, he said companies have increased those prices more than their own costs have increased. Yet we still keep buying.

“What we are seeing from companies is that they are still able to pass along price increases with an amazing acceptance rate, as high as 95%,” explained Andrew Csicsila at AlixPartners.

Executives at those companies know that won’t be the case forever, he said. Consumers will pull back, eventually."
 
Phoenix68 said:
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Talking about excessive pay, what about the fact that Franklin Raines never had to give back any of his pay and bonus money in 2009 like nearly all other CEOs had to because of the 2008 collapse. Not only had Fannie Mae been one of the main contributors to the collapse but Franklin Raines had cooked the books there as CEO to make huge bonuses in the years leading up to the collapse.

Democrats rallied to protect Raines from prosecution and safeguarded his savings, pay, bonuses, and retirement pay from being clawed back by lawyers representing incensed defrauded Americans. Democrats do know how to cover for the members of their extended crime family.
 
"While ultrawealthy Americans are unlikely to face any extra federal taxes any time soon, due to the makeup of Congress, legislators in at least 10 U.S. states this year are aiming to pass tax policies targeting their richest residents to raise revenue for the common good.

Polling suggests most Americans want the ultrarich to face tax hikes. Pew Research Center found last April that 6 in 10 U.S. adults say the feeling that some corporations and wealthy people don't pay their fair share bothers them a lot."
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"Not only was the entire national deficit eliminated after raising taxes on the wealthy in 1993, but the economy grew so fast for the remainder of the decade that many conservative economists thought that the Fed should raise the prime interest rate in order to slow it down."
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"Democratic Sen. Bob Casey of Pennsylvania leaned into the podium, almost past the microphone, to make his point to the union crowd about how mad corporate leaders are at him.

“But I got news for them,” Casey told Dauphin County Democrats and AFSCME members. “They should get used to it. Because I’m going to continue to prosecute the case on greedflation and shrinkflation.”

For Democrats trying to defend the White House and Senate majority, Casey is emerging as the tip of the spear in attacking “greedflation” — a blunt term for corporations that jack up prices and rip off shoppers to maximize profits — and trying to reframe the election-year narrative about the economy."
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Phoenix68 said:
"Democratic Sen. Bob Casey of Pennsylvania leaned into the podium, almost past the microphone, to make his point to the union crowd about how mad corporate leaders are at him.

“But I got news for them,” Casey told Dauphin County Democrats and AFSCME members. “They should get used to it. Because I’m going to continue to prosecute the case on greedflation and shrinkflation.”

For Democrats trying to defend the White House and Senate majority, Casey is emerging as the tip of the spear in attacking “greedflation” — a blunt term for corporations that jack up prices and rip off shoppers to maximize profits — and trying to reframe the election-year narrative about the economy."
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