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Very soon we'll have Congressional hearings after oil companies see profits climb 7000 percent over last year, and they'll look sad and do nothing. I expect mu
by smm11 4y ago
Very soon we'll have Congressional hearings after oil companies see profits climb 7000 percent over last year, and they'll look sad and do nothing.
I expect much the same from health insurance companies.
- pkaye 4y agoI'd be curious how their profits compare to pre covid profits given then many oil companies were losing a lot during covid due to sharp drop in demand.
- boston_clone 4y agoThankfully, that data is public. [0] And it's still damning. Billions of dollars of profit were made, every single quarter. I have absolutely no sympathy for these companies, especially when they also likely received huge sums of cash from the federal government for this "sharp drop in demand". >Over 10 percent of the more than 7,000 oil, gas, and petrochemical companies that received PPP funds totaling between $3 billion and $6 billion reported no jobs retained as a result of the loan. The CEOs of Exxon and Chevron got raises in 2020, while Exxon announced that it is suspending the company’s contribution to the US employee retirement savings plan beginning in October and Chevron is cutting 6,700 workers around the globe [1] 0. https://www.macrotrends.net/stocks/charts/XOM/exxon/gross-profit https://www.macrotrends.net/stocks/charts/XOM/exxon/gross-pr... 1. https://www.sierraclub.org/sierra/bailout-billions-dollars-federal-covid-19-relief-money-flow-oil-industry https://www.sierraclub.org/sierra/bailout-billions-dollars-f...