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.world133Comments9Reply
vvillage604 adultswim.fan3Hide 3 repliesIf their profits are increasing, that means their costs aren't the issue.22Reply
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 oil2Reply
jaykrown replylemmy.world1Hide 1 replyI hope they stay greedy, this will only accelerate the transition to renewables even faster.2Reply
CCADmonkey replylemmy.worldMy personal wackadoodle conspiracy theory, which I unload on anyone in my red state who doesn't run away fast enough, is that trump is a liberal plant to trick the US into switching over to renewables.1Reply
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.16Reply
vvideo lemmy.worldDont forget about the US spending 35 billion dollars of tax payers money a year to subsidize the fossil fuel industry...4Reply
MrMakabar slrpnk.net1Hide 1 replyTwo decades ago the US waged war to get oil from the Middle East. Today it wages war to stop oil from the Middle East.3Reply
RREDACTED replyinfosec.pubMaybe Trump is a visionary and realized Russia is going to need that oil more than the west1Reply
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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.
My personal wackadoodle conspiracy theory, which I unload on anyone in my red state who doesn't run away fast enough, is that trump is a liberal plant to trick the US into switching over to renewables.
*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.
Dont forget about the US spending 35 billion dollars of tax payers money a year to subsidize the fossil fuel industry...
Two decades ago the US waged war to get oil from the Middle East. Today it wages war to stop oil from the Middle East.
Maybe Trump is a visionary and realized Russia is going to need that oil more than the west