Robert Rapier writes in Forbes abour Exxon Mobil’s profits.
- Exxon, who has made “more money than God,” according to President Biden, has made less money than Apple over the last few years.
- In the past ten quarters Apple has earned $211.7 billion whiled Exxon has earned $11.8 billion.
- Importantly, oil prices are not set by Exxon or any one energy producer, but instead by global markets.
- While Apple’s success should be celebrated, it is clear that the push to blame Exxon and other producers for high gas prices is a political maneuver.
“Apple has full control over the price of its products and trounces ExxonMobil’s earnings in every quarter. Apple could slash the price of its products and still make a huge profit. But ExxonMobil can’t slash the price of its products because it doesn’t set the price.”
Read the full article here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
