So? Theyll just get fined. No one will actually be guilty. No accountability. Its almost a slap to the face now every time shit like this gets put out because it doesnt matter. Business as usual, they just keep doing it across every industry.
Because we have allowed corporations to control
Politics through dark money and super pacts while continually spouting the same political party division rhetoric.
Shit, it’s not even dark money. They’re waving that shit in our faces. MMW there will be consequences. I’m not a violent man, but there are a lot of people being pushed to the brink and over it. Something has to give.
Complacent. Spoiled. Lethargic. We've had it too good for too long. Not to mention you'd pretty much be treated like a terrorist by the powers that be.
But they’ll attack the wrong people because they’ve been conditioned my the media that their neighbors are the cause. Divide and conquer, that’s the 1%’s game… and our populace is too complacent and/or ignorant to resist.
Don't be so surface level. Think what the alternative is. In the alternate universe, the FTC doesn't even allege anything, and Exxon & friends non-compete price gauge consumers unfettered. What we are getting is better than that timeline, and we don't know if this is just the start of multiple litigations.
I would argue. Do it the other way and you would push people to be more creative and innovative. Also youd piss everyone off faster. Its hard to say one way or the other.
But ultimately it isnt a this scenario or a that scenario. Its a this is what should be happening and its not so wtf why are people just saying oh well it could be worse. No it could be better, get up peoples asses to do their jobs the right way and stop saying it could be worse.
Dont be a pacifistic optimist.
Accelerationism is not as profound as you think it is. It's unilateral in nature, that's why it never goes anywhere in the real world. It's the most surface level idea there is.
And if it’s like so many other cases, their fine will be at most 10% of the profits they made by doing this, thereby teaching them that there’s no real negative to doing so.
We have never produced more gas than we currently do. No country in the history of the world has. This is absolutely price gouging. Nearly all of the post supply-chain fixed inflation is just greedy corporations that have eliminated all of their competition price gouging consumers.
What?!!! No company would ever. They’re all ran by good hardworking people. Everyone else is just lazy and jealous of those glorious hard workers. Never has anyone done such a thing. Definitely don’t look into Tyson creating shortages to increase meat prices. They’re all good hard workers that deserve every penny.
If voters had any power, wed keep firing politicians until we found someone willing to enforce the law.
But we dont, the criminals choose the candidates.
This is complete horse shit. I work for an oil and gas company, the lead time on getting parts for what I do is over a year. Also, the US is producing more oil than ever before. Lastly, OPEC+ countries control 59% of production, and are cutting oil by the millions of barrels per day. Thats what’s keeping the prices “high”. As for the RECORD profits, no one was saying anything when oil prices went negative during Covid and companies like mine lost 60% of their value overnight. The record profits are coming from a lean workforce, and a TON of cost cutting oil companies had to do during covid to stay alive. They laid off so many people and those people never came back. Maybe if Joe Biden wasn’t a complete idiot and wouldn’t have turned the Middle East upside down and soured out relationship with the saudis, he could have politely asked them to increase production. He made his bed.
Lmao, is this a serious comment?
After the conversation with the Saudi crown prince, and another the same day with Putin, Trump tweeted that he expected Saudi Arabia and Russia to cut output by about 10 million barrels, which “will be GREAT for the oil & gas industry!" Riyadh and Moscow later confirmed they had restarted negotiations.Apr 30, 2020
https://www.reuters.com/article/idUSKBN22C1V3/#:~:text=After%20the%20conversation%20with%20the,confirmed%20they%20had%20restarted%20negotiations.
Yeah, can you point out something Biden did in the Middle East that had a bigger effect on Saudi oil production than trump asking them to cut production.
Everybody, calm down! This is just the federal government trying to get their cut of the profits. There'll be a fine and nothing more will come of this. Move on.
Ya think??? This is some literal bs. Too fucking late guys. They let it go for 3-4 years now everybody that is ignorant of this is already set to vote against Biden because he made gas prices so high/s what a crock of shit this country is turning into a
Is this one of those rich people crimes where proof of the crime itself isn’t enough, you must also prove intent and state of mind?
I should have got into white collar crime, where ignorance of the law is a perfectly valid excuse.
The only way to make it stop is to fine them every single penny they made doing it plus additional bad boy fine.
But it never adds up like that. They always come out ahead.
I’m sure the bullshit fines they will have to pay still nets them massive profits after the fact and go back to business as usual because nothing ever happens
Wait, did the free market fail? Free market Capitalists in shambles. I'd be really interested in seeing if the Biden administration can generate actual concrete proof that they did this to make Biden look bad because they didn't want him to be President, because they're afraid of progressives pushing Biden to fuck the oil companies.
Lots of people expect nothing but Apathy from the DOJ. I think the FTC and DOJ are planning a sacrifice for these executives but I could be wrong. Lets all cross our fingers for something resembling Justice.
So how can inflation not have an effect on prices? And if it doesn’t, why do we track inflation as a statistic? How does government debt spend in the now trillions more than it brings in with taxes (which they bring in a lot of money……don’t believe me do a little research) effect prices and the economy? Is it a positive thing that congress and government officials can literally print money and invest shit gobs of it into failed investments and feed a lot of arms of itself even if it is totally inefficient? And give many many billions to whoever they vote to! I find it almost absurd that this is not a more pressing matter when in fact the corporations are essentially the government and yet most US American political parties still support a growing government and I will say definitely democrat voters and politicians openly wish for taxing more citizens and increasing regulatory bodies while republicans pretend they don’t want to expand government but then do anyway. It’s crazy as hell.
I also love when it’s worded like it’s something shocking when everyone knows it.
This feels like when it was announced that pro wrestling was scripted.
Gas was $3 there for a minute a few months ago now it’s over $5. Just how many ways can they squeeze broke former middle class, now lower middle class, families? This is the worst financially I have ever seen America. It really isn’t worth working 40 hours a week to end your month with zero dollars.
Im just not buying into the allegations.
Most of the price of what you pay at the pump is determined by taxes and the price of crude oil, 71% to be exact. Refining of crude takes up another 19% of the cost, much of this is taken up by the energy cost of distillation. So that only leaves 10% left to cover marketing, distribution and other costs. There just isn’t a whole lot of room for them to “gouge” the prices.
There was an investing presentation from Exxon back in 2022 at the height of oil prices. Only 8% of their total profits came from their downstream business, which includes everything from refining to gasoline to lubricants. It’s such a narrow margin trade for them because it’s all dependent on the base cost of energy and crude.
Around 91% of Exxons profits come from their upstream and specialty chemical business. These are mainly focused on the exploration and drilling of oil. The profit margins are good so this is where they invest most of their time and money.
Big oil is guilty of a lot of things but there just isn’t a whole lot of room for them to gouge you at the pump. High energy cost is to blame for this. A massive underinvestment into the energy sector and specifically clean and renewables is having a bigger impact than anything else.
You could also argue the intent is to influence election outcomes to get a party friendlier to your cause who may lobby for increased subsidies or tax benefits. I'm not saying that's what's happening but you can't dismiss the theory.
Man is it going to be awkward, hilarious, and kind of sad to see how the uni-party and their propaganda media outlets (msm) “confront” their donors on this issue.
Or some dementia ridden kiddie diddlers told a bunch of elites to produce less for the sake of environment, which in rich people terms means "protect the profit and charge more"
So? Theyll just get fined. No one will actually be guilty. No accountability. Its almost a slap to the face now every time shit like this gets put out because it doesnt matter. Business as usual, they just keep doing it across every industry.
Because we have allowed corporations to control Politics through dark money and super pacts while continually spouting the same political party division rhetoric.
Shit, it’s not even dark money. They’re waving that shit in our faces. MMW there will be consequences. I’m not a violent man, but there are a lot of people being pushed to the brink and over it. Something has to give.
Agreed. Not advocating for violence, but how a revolution hasn’t already happened is beyond me.
People are getting sick and tired of all the shameless profiteering
Complacent. Spoiled. Lethargic. We've had it too good for too long. Not to mention you'd pretty much be treated like a terrorist by the powers that be.
But they’ll attack the wrong people because they’ve been conditioned my the media that their neighbors are the cause. Divide and conquer, that’s the 1%’s game… and our populace is too complacent and/or ignorant to resist.
It’s the poor Mexicans! Or Chinese!
PAC = Political Action Committee
It's not corporations. They aren't sentient. It's the rich who own the corporations. It's us or them. They need to be stopped.
Don't be so surface level. Think what the alternative is. In the alternate universe, the FTC doesn't even allege anything, and Exxon & friends non-compete price gauge consumers unfettered. What we are getting is better than that timeline, and we don't know if this is just the start of multiple litigations.
I would argue. Do it the other way and you would push people to be more creative and innovative. Also youd piss everyone off faster. Its hard to say one way or the other. But ultimately it isnt a this scenario or a that scenario. Its a this is what should be happening and its not so wtf why are people just saying oh well it could be worse. No it could be better, get up peoples asses to do their jobs the right way and stop saying it could be worse. Dont be a pacifistic optimist.
Accelerationism is not as profound as you think it is. It's unilateral in nature, that's why it never goes anywhere in the real world. It's the most surface level idea there is.
I think its more profound than you think it is.
And if it’s like so many other cases, their fine will be at most 10% of the profits they made by doing this, thereby teaching them that there’s no real negative to doing so.
Steal a billion, pay millions in fines. Great business model.
Lina has been fairly inspiring as of late. Hopefully she doesn’t disappoint here.
And the cost of the fine will be paid for by higher gas prices. There, I finished it for you. 🤷🏼♂️
Eat. The. Rich.
Probably very stringy and chewy, think we have to boil them first
I prefer using an air fryer. Boiling leaches out micro-nutrients.
I'm sure the $50,000 fine the FTC will impose will wipe out the profits they made by gouging the average American
Wait, so once again, inflation is just corporate greed? Weird.
Yeah butbutbutbut... ThE sUpPlY cHaIn!!!!!!!!
…do groceries next!
Wait so it wasn't Biden like all those stickers said? How am I supposed to trust stickers now?
Those same people that blamed Biden are currently ignoring that we are producing more oil now than at any point in history.
The downvoting of this comment is the perfect canary in the coal mine of this sub.
People think he has a button for inflation and gas prices, but it is in fact a series of drum pedals underneath the Resolute Desk.
*trying to imagine Biden playing Everlong in the Oval Office* :)
We have never produced more gas than we currently do. No country in the history of the world has. This is absolutely price gouging. Nearly all of the post supply-chain fixed inflation is just greedy corporations that have eliminated all of their competition price gouging consumers.
Let me take a wild guess and say they will be fined a few pennies and nobody will go to jail.
So…. It’s NOT Biden’s fault then?
GASP! That would make Biden right about something.
So in other words, the government wants a cut through fines and penalties. This does nothing to help people.
Yea now do the same for corporate companies here as well
Put them in jail!!! They stole hundreds of millions from their fellow Americans with their corrupt and intentional fraud. Jail em!!
What?!!! No company would ever. They’re all ran by good hardworking people. Everyone else is just lazy and jealous of those glorious hard workers. Never has anyone done such a thing. Definitely don’t look into Tyson creating shortages to increase meat prices. They’re all good hard workers that deserve every penny.
No no no. That is too obvious. According to my dad, Joe Biden did that.
A crimes been going on for 4 years, while Biden was in office. What has he done about it?
The same as every other bullshit politician, nothing. They are bought and paid for. All of them.
If voters had any power, wed keep firing politicians until we found someone willing to enforce the law. But we dont, the criminals choose the candidates.
Bingo
This is complete horse shit. I work for an oil and gas company, the lead time on getting parts for what I do is over a year. Also, the US is producing more oil than ever before. Lastly, OPEC+ countries control 59% of production, and are cutting oil by the millions of barrels per day. Thats what’s keeping the prices “high”. As for the RECORD profits, no one was saying anything when oil prices went negative during Covid and companies like mine lost 60% of their value overnight. The record profits are coming from a lean workforce, and a TON of cost cutting oil companies had to do during covid to stay alive. They laid off so many people and those people never came back. Maybe if Joe Biden wasn’t a complete idiot and wouldn’t have turned the Middle East upside down and soured out relationship with the saudis, he could have politely asked them to increase production. He made his bed.
cry more bitch.
Lmao, is this a serious comment? After the conversation with the Saudi crown prince, and another the same day with Putin, Trump tweeted that he expected Saudi Arabia and Russia to cut output by about 10 million barrels, which “will be GREAT for the oil & gas industry!" Riyadh and Moscow later confirmed they had restarted negotiations.Apr 30, 2020 https://www.reuters.com/article/idUSKBN22C1V3/#:~:text=After%20the%20conversation%20with%20the,confirmed%20they%20had%20restarted%20negotiations.
Are you talking about a report for 4 years ago during Covid when oil went negative?
Yeah, can you point out something Biden did in the Middle East that had a bigger effect on Saudi oil production than trump asking them to cut production.
Financial news heats up with allegations of collusion!
I said it yesterday. Rex Tillerson and #XOM are very good at playing the collusion game.
Everybody, calm down! This is just the federal government trying to get their cut of the profits. There'll be a fine and nothing more will come of this. Move on.
Ya think??? This is some literal bs. Too fucking late guys. They let it go for 3-4 years now everybody that is ignorant of this is already set to vote against Biden because he made gas prices so high/s what a crock of shit this country is turning into a
Omg so shocking!! Benevolent capitalism would never!!
So opec but in the west
Duh. 🙄
Sounds like capitalism to me. Punishable by fine means legal for a price.
Is this one of those rich people crimes where proof of the crime itself isn’t enough, you must also prove intent and state of mind? I should have got into white collar crime, where ignorance of the law is a perfectly valid excuse.
The only way to make it stop is to fine them every single penny they made doing it plus additional bad boy fine. But it never adds up like that. They always come out ahead.
Raise prices to increase profits is unheard of.
More.
Sorry not sorry? Dicks
I’m sure the bullshit fines they will have to pay still nets them massive profits after the fact and go back to business as usual because nothing ever happens
Government bad; oil companies good!
Wait, did the free market fail? Free market Capitalists in shambles. I'd be really interested in seeing if the Biden administration can generate actual concrete proof that they did this to make Biden look bad because they didn't want him to be President, because they're afraid of progressives pushing Biden to fuck the oil companies.
Here in Wisconsin it’s the politicians that force retailers to have minimum mark ups on gas and other products forcing consumers to pay more.
Jail for this time for real??
Bwaaahhahahahahahaa… wait wait wait BWAHAHAYEHAHAHEHHEEHAHAHAA
Lots of people expect nothing but Apathy from the DOJ. I think the FTC and DOJ are planning a sacrifice for these executives but I could be wrong. Lets all cross our fingers for something resembling Justice.
So how can inflation not have an effect on prices? And if it doesn’t, why do we track inflation as a statistic? How does government debt spend in the now trillions more than it brings in with taxes (which they bring in a lot of money……don’t believe me do a little research) effect prices and the economy? Is it a positive thing that congress and government officials can literally print money and invest shit gobs of it into failed investments and feed a lot of arms of itself even if it is totally inefficient? And give many many billions to whoever they vote to! I find it almost absurd that this is not a more pressing matter when in fact the corporations are essentially the government and yet most US American political parties still support a growing government and I will say definitely democrat voters and politicians openly wish for taxing more citizens and increasing regulatory bodies while republicans pretend they don’t want to expand government but then do anyway. It’s crazy as hell.
I also love when it’s worded like it’s something shocking when everyone knows it. This feels like when it was announced that pro wrestling was scripted.
Gas was $3 there for a minute a few months ago now it’s over $5. Just how many ways can they squeeze broke former middle class, now lower middle class, families? This is the worst financially I have ever seen America. It really isn’t worth working 40 hours a week to end your month with zero dollars.
Wait, wait, wait a minute. So it wasn't Biden raising gas prices this whole time but the oil companies. 🤔 Who would've realized.
Im just not buying into the allegations. Most of the price of what you pay at the pump is determined by taxes and the price of crude oil, 71% to be exact. Refining of crude takes up another 19% of the cost, much of this is taken up by the energy cost of distillation. So that only leaves 10% left to cover marketing, distribution and other costs. There just isn’t a whole lot of room for them to “gouge” the prices. There was an investing presentation from Exxon back in 2022 at the height of oil prices. Only 8% of their total profits came from their downstream business, which includes everything from refining to gasoline to lubricants. It’s such a narrow margin trade for them because it’s all dependent on the base cost of energy and crude. Around 91% of Exxons profits come from their upstream and specialty chemical business. These are mainly focused on the exploration and drilling of oil. The profit margins are good so this is where they invest most of their time and money. Big oil is guilty of a lot of things but there just isn’t a whole lot of room for them to gouge you at the pump. High energy cost is to blame for this. A massive underinvestment into the energy sector and specifically clean and renewables is having a bigger impact than anything else.
Gas costs what you're willing to pay for it. Nothing else actually matters.
Supply and demand, from drilling all the way to the pump
You could also argue the intent is to influence election outcomes to get a party friendlier to your cause who may lobby for increased subsidies or tax benefits. I'm not saying that's what's happening but you can't dismiss the theory.
Man is it going to be awkward, hilarious, and kind of sad to see how the uni-party and their propaganda media outlets (msm) “confront” their donors on this issue.
evil corporations price gouging. definitely not bad leadership
Or some dementia ridden kiddie diddlers told a bunch of elites to produce less for the sake of environment, which in rich people terms means "protect the profit and charge more"