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https://www.pbs.org/newshour/show/oil-companies-post-massive-profits-as-consumers-feel-squeeze-from-high-gas-prices https://www.pbs.org/newshour/show/oil-compan

• gottorf 3y ago
  What's absurd is the notion that profit is evil, or that there is some set amount of profit above which it is evil. Before its blowout result in 2022, Exxon Mobil (the first company the PBS article points a finger at) lost $20b in one quarter back in 2020[0], more than its net income in any single quarter since then. Should companies not be allowed to lose money, either, then? [0]: https://www.macrotrends.net/stocks/charts/XOM/exxon/net-income https://www.macrotrends.net/stocks/charts/XOM/exxon/net-inco...
  • BaseballPhysics 3y ago
    > What's absurd is the notion that profit is evil, or that there is some set amount of profit above which it is evil. The term "price gouging" exists because we collectively agree that, at a certain point, yes, excessive profits are indicative of abuse. This isn't even controversial. The most extreme libertarian economist would agree that, for example, market failures like monopolies can create circumstances where excess profits become egregious. And we know from history that widespread crises can lead to market conditions that result in excess profits. > Should companies not be allowed to lose money, either, then? And this is a silly strawman that isn't worth responding to.
    • pauldenton 3y ago
      Price gouging is a term, but so is Klingon. It's not real. https://youtu.be/ymMzJAdIAes https://youtu.be/ymMzJAdIAes
  • slowmovintarget 3y ago
    Profit is not evil. Having record profits and having layoffs, paying stagnant wages, giving exorbitant bonuses to executives for "op-ex reduction," while price fixing is evil.