Corporate profits are the problem (for inflation) and oil companies are the worst

Exxon Mobile is currently on track for a record annual profit of $54.8bn this year, according to IBES Refinitiv, which would be more than its cumulative earnings since 2018.

Exxon isn't the only company with record profits while we struggle. So yeah, tell me now how it's all President Biden's fault gas prices are so high, how he has been so bad for oil companies. Oh, and while you are at it, check out the record profits of food companies and conglomerates.

SunshineGirl · 36-40, F

Windfall taxes (on profits that have nothing to do with the skill or efforts of the corporation) are the answer.

BlueVeins · 22-25

It's definitely part of the reason, but not the whole picture. I mean, prices were pretty low back in 2019 and it's not like Exxon was any less profit seeking back then. The problem is that a shit ton of oil rigs shut down during the 2020 pandemic (since oil was dirt cheap at the time) and building new ones isn't a good investment strategy since oil's on the way out.

BlueVeins · 22-25

@zonavar68 Your average EV is gonna be cheaper than a gas-powered car over its operational lifetime, though they're obv not cheap. Still, they're not a great tool to form the backbone of our transportation system since they take up a shit ton of space, are subject to dangerous human error, and are heavy as shit. So I agree that we need fewer automobiles, but I don't agree that we need less powered transportation systems. Trains are really damn good at what they do, having incredibly low friction & reaching speeds that far exceed any automobile. They use less power on a per capita basis and don't even need batteries. Build more of those bastards, and flesh out some bicycle infrastructure to accompany them.