news·Newsbyjaykrown Big oil companies continue to post banner profits as fighting in Iran drives costs higherhttps://apnews.com/article/oil-prices-iran-war-gas-inflation-7f2d2d1b9d8d4ac9fd3566b200fdd577Open linkView original on lemmy.world95Comments6Reply
vvideo lemmy.worldDont forget about the US spending 35 billion dollars of tax payers money a year to subsidize the fossil fuel industry...1Reply
vvillage604 adultswim.fan2Hide 2 repliesIf their profits are increasing, that means their costs aren't the issue.17Reply
TTaldan replylemmy.worldProduction costs haven't gone up for anyone. It's purely a supply issue, as production has been entirely halted for ~18% of the world's oil1Reply
jaykrown replylemmy.worldI hope they stay greedy, this will only accelerate the transition to renewables even faster.3Reply
EEmpathicVagrant lemmy.world*As they exploit the slight increase to their costs to make markedly more in profits by charging consumers a 1200% markup of the cost difference.12Reply
6 replies
Dont forget about the US spending 35 billion dollars of tax payers money a year to subsidize the fossil fuel industry...
If their profits are increasing, that means their costs aren't the issue.
Production costs haven't gone up for anyone. It's purely a supply issue, as production has been entirely halted for ~18% of the world's oil
I hope they stay greedy, this will only accelerate the transition to renewables even faster.
*As they exploit the slight increase to their costs to make markedly more in profits by charging consumers a 1200% markup of the cost difference.
That's the great thing about percentage-based profit margins.