President Joe Biden spoke about the economy and inflation from the deck of the ship. The photo was taken by Jim Watkins.
High oil and gas prices have led to big profits for ExxonMobil, according to the president. The president wanted to know what Exxon's profits were this year. Do you think this quarter will be this quarter? Exxon made more money than the Almighty. Start investing. It's time to pay your taxes.
The Democrats smeared oil companies in order to distract from the high gas prices. The failure to understand cause and effect was blamed for the high oil company profits.
The high profits of oil companies aren't driving inflation. The high profits and soaring inflation are caused by high oil prices and oil companies have little influence over that.
Democrats like to use the oil companies as scapegoats. Let's look at ExxonMobil's profits from a different perspective. Let's compare the company's net profits to those of Apple over the last decade.
ExxonMobil and Apple had net income in the quarter.
Exxon Mobil had net income of $5.5 billion in the most recent quarter. I wonder how President Biden would quantify Apple's $25.0 billion in revenue. Do you think five times more than God is correct? ExxonMobil paid over $2 billion in taxes for the quarter, so it appears that they are paying their taxes.
In the past year, ExxonMobil has reported more net income than Apple. The discrepancy is worse if we go back further.
The company reported losses in four of the past ten quarters. If you don't control the price of the product, that can happen.
You don't think that will happen with Apple They earned $11.2 billion in the last ten quarters. Over the past ten quarters, ExxonMobil and Apple earned $211.7 billion and $11.2 billion, respectively.
Someone might be able to help me understand this concept.
ExxonMobil sells a product that is sold in the global commodity markets. They make a small amount of Apple's profits.
In every quarter, Apple trounces ExxonMobil's earnings because of its control over the price of its products. Apple could make a lot of money by cutting the prices of its products. ExxonMobil can't lower the price of its products because it doesn't set the price
It is Exxon that is accusing of price fixing.
Too many politicians believe things that aren't true and that leads to bad energy policies.
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