10-26-2023, 07:31 PM
(10-26-2023, 07:05 PM)Sociopathicsteelerfan Wrote: Wait, you mean when oil and gas prices rise the people who produce oil and gas make more money? You have a doctorate in economics don't you?
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.
"A great democracy has got to be progressive, or it will soon cease to be either great or a democracy..." - TR
"The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little." - FDR
"The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little." - FDR
