Thursday, June 29, 2006

Exxon's Birthday Present to America

In honor of our nation's birthday, Exxon and the rest of the gang raised gas prices about 40 cents a gallon in the last 24 hours. Thank you Exxon! You are indeed a true patriot. Have a great Fourth of July!


catherine deneuve basler said...

it certainly won't just be exxon, cuz if only exxon raised prices, everyone would shop somewhere else.

fxrsjoe said...

Basic economics - supply and demand - yes those evil corporate types made 9.9% income on their revenues - of course they could have just put the money in a cd and make 6% -
Genentech Corporation made 21% income on their revenues, they must be really ripping us off - Hey E-bay made 24% income on their revenues, we should shut those thieves down.

The reality is that gas prices are so high because it has been a lousy investment and no additional refineries have been built for years and years - with gas prices high enough now for normal returns companies may now build more refineries.

Besides market pricing of gas, as opposed to the abnormally low gas pricing that we are use to, will allow renewable energy to be more competitive.

Anonymous said...

good post, joe.