There's been lots of attention about increased oil company profits. Even President Obama is worried that consumers are being defrauded at the pump. So are oil company profits excessive?
No. According to the latest data, "Major Integrated Oil and Gas" companies (a group that includes Exxon, BP, Gulf, etc.) had a 6.5 percent net profit margin (profits/sales) in the most recent quarter. Considered among all industries, Carpe Diem says that the category ranks 114 out of 215. By contrast, Apple showed a 95 percent increase in profits in the last quarter -- though the Justice Department isn't investigating any other industry for price gouging.
It's politics, not economics--because Obama doesn't understand economics.
2 comments:
Mr Obama don't unnerstan' much o' nuttin' -- except class warfare.
Yup, he sure "gets" class warfare.
And also, all the other talking points from the Communist Manifesto (except he refrains from using their term "the oppressed" when speaking in public...)
============
Oooh, wv= "viturion"
Vituperative Centurion?
The hard left used to blamed high oil prices and huge profits on Bush and his oil-industry cronies and Saudi friends who were all in collusion.
They aren't blaming Obama.
Neither are they calling for impeachment because he's ignoring the War Powers Act.
The act wasn't any less unconstitutional then than it is now.
Conyers' resolution to consider impeaching Bush had 39 co-sponsors.
The House voted 251-166 to send Kucinich's impeachment resolution to Committee.
Post a Comment