10-26-2023, 07:40 PM
(10-26-2023, 07:31 PM)Belsnickel Wrote: In all seriousness, that isn't really fair. When prices for consumers rise we know that consumer demand decreases. Simple economics, right? So if a supplier increases their profits with a decrease in consumer demand, then their price increase was an artificial inflation that was not rooted in covering their own costs.
So talking about the record profits in the oil and gas industry during that time frame is important because it highlights that they increased what they charged more than was necessary from any sort of market pressures such as those from regulatory policies.
Except oil and gasoline isn't something people can do without. You still need to drive to work. Our entire delivery infrastructure uses oil and gas. It's not an optional purchase for the vast majority of people and certainly not for industry as a whole. Also, your point about raising prices higher than necessary rather contradicts your premise, that if the price is higher demand decreases.
Now, if your assertion is that the oil and gas companies now their product is a necessity and artificially raise their prices, then yes, I would agree that is wrong. Do we have proof that is happening?
