Do you care how much money oil companies profit?

Question

My dad turned on CNN and just to show people how much money Exxon/Mobile will make in the segment ($1100 a second). Even if the government limits the profits the companies make, the prices will not fall drastically.

EXXON/MOBIL made $11.7 billion last quarter.

Why does it matter how much money they make? Do you find it unfair, or is it just capitalism? I understand gas is expensive, I have to fill my own tank too. But I don't understand why people are so obsessed with the profits these companies make. All companies are built on profit. It's simple. If a product costs you $25 to make your product and you sell it for $50, are you a horrible person?

I say good for Exxon/Mobile!

Answer 1

I like how they used their profits to buy back more of their own open market shares, to boost their own stock price. And make sure the money stays with the board of directors (these are not common people:)

these guys are smart, they think three moves ahead, and they are very greedy

honestly, I don't care how much they profit ... but I do care that they are responsible stewards of the environment

Answer 2

I agree. If you don't like it, then don't buy their product. Simple as that.

Also, their profits are high because they are selling more, not because they are price gouging. If you sell more of something, you're supposed to have higher profits.

Answer 3

No.

Answer 4

in addition, the profits go to shareholders, many of whom are common people

Answer 5

So that means this quarter they'll pay something in the neighborhood of $4,680,000,000 in taxes. If they keep it up, they can pay off the entire budget deficit themselves!

By the way...CNN needs a new calculator...it's more like $15,000/second.