White House outraged by Exxon's record profits

[dalton99a]

https://finance.yahoo.com/news/white-house-outraged-exxons-record-181508526.html

White House outraged by Exxon's record profits
Tue, January 31, 2023, 12:15 PM CST

WASHINGTON, Jan 31 (Reuters) - The White House on Tuesday expressed outrage at record profits recorded by Exxon after the company reported net profit in 2022 of $56 billion.

A White House statement said the profit margin was particularly galling as Americans paid high prices at the pump and dismissed attempts by Republicans in the House of Representatives to push policies aimed at supporting the oil industry.

"The latest earnings reports make clear that oil companies have everything they need, including record profits and thousands of unused but approved permits, to increase production, but they’re instead choosing to plow those profits into padding the pockets of executives and shareholders while House Republicans manufacture excuse after excuse to shield them from any accountability," the White House said. (Reporting By Steve Holland, Editing by Franklin Paul)

[republianmushroom]

1. Yep, what is going to be done about it ? I'll wait for an answer.

[Elessar Zappa]

5. What do you imagine the Whitehouse can do?

Joe Biden isn’t a dictator, he needs a willing congress to change anything. Do you think the Republican-controlled House will do anything about the situation?

[republianmushroom]

27. like I figured "Nothing", remember we are capitalist. These excessive profits have been talked about

for months. Ask Sanders.
After every bout with inflation there is somebody making excessive profit and we hear the same cry "this can't be allowed."
But it continues and is allowed because there is little or no way to stop it.

[Hekate]

24. What is the White House supposed to do? Seriously. ...

I’ll wait for an answer.

[republianmushroom]

28. nothing see my above posting

[Hekate]

29. With all due respect, your above posting says diddly squat

[republianmushroom]

30. OK what can they do ? I'm asking you, I say they can and will do nothing. What do you expect

from them ?

[dweller]

2. And gas is going up again

.30/gal in the last 2 weeks … more record profits in their futures



✌🏻

[MagickMuffin]

3. Good to have confirmation because I knew this was going on

Same as it’s ever been

[Shermann]

4. Not a lot of detail there

Is it still a record after normalizing previous records to 2022 dollars?

Isn't some rate of growth after inflation allowed and even expected from companies?

What rate of revenue or profit growth would be considered unacceptable and why?

[ZonkerHarris]

15. this is truth

[Shermann]

31. Average gas prices have had as many down years as up in the last decade

If Big Oil could just decide to inflate prices, wouldn't they do that every year?

I'm no fan of Big Oil, but I know when a case hasn't been made soundly.

[Shermann]

33. Well if that were the case, that would mean COLA caused the inflation by increasing demand. nt

[Shermann]

35. I backed up my assertion with evidence

You are simply making repeated assertion fallacies.

[rurallib]

6. Chevron reported record profits last week

Looks like a trend - what could they have in common? for the humor impaired

[moondust]

23. up 36% from previous record profit set in 2011

https://www.cnn.com/2023/01/27/investing/chevron-record-earnings/index.html

[EX500rider]

8. I don't consider 14% all that outrageous

They had 403 billion dollars in sales so they had net profit of 14%.

[EX500rider]

10. I never heard anyone who thought a 14% return on investment was "outrageous"

More like average IMO

[EX500rider]

21. Not sure how the pandemic is relevant

Companies either make a profit or go out of business pandemic or no pandemic.

[EX500rider]

25. Just don't consider 14% excessive

[MichMan]

13. I believe Apple's profits are around 40%

If 14 % is that outrageous, 40% is obscene.

[Hermit-The-Prog]

17. Is that net or gross?

[MichMan]

20. Apple net profits are only 23-28% the last few quarters

I think they were closer to 40% in 2021

[Mr.Bill]

11. 56 billion

is $175 for every man woman and child in the USA.

[ZonkerHarris]

14. a smarter populace would have crowds outside Exxon HQ with torches and pitchforks

but yay capitalism instead

[ZonkerHarris]

38. would be better at it than us

[ZonkerHarris]

16. might be time to nationalize the oil companies for national security

just sayin

[Hermit-The-Prog]

18. One thing that encourages higher prices is taxing by the gallon instead of price.

[MichMan]

19. Consumers pay gas taxes

[Hermit-The-Prog]

26. Um, yeah. I should've marked my comment as OT (off topic).