ExxonMobil made $285bn in revenue in 2021. After the cost of buying crude, manufacturing, drilling, employee salaries, etc etc. They have $23bn in profit after taxes - 8.2%. That's it. So if they bring down prices by 8%, they no longer make any profit and can't afford new investments in capital, etc.
8% isn't what we want Joe. We want energy independence (again).
ExxonMobil made $285bn in revenue in 2021. After the cost of buying crude, manufacturing, drilling, employee salaries, etc etc. They have $23bn in profit after taxes - 8.2%. That's it. So if they bring down prices by 8%, they no longer make any profit and can't afford new investments in capital, etc.
8% isn't what we want Joe. We want energy independence (again).