Monday, January 30, 2006

What is enough?

I just saw where the price gouging oil company Exxon-Mobil just posted a profit of over $10.8 billion dollars. You tell me are they screwing the public or what? Yet not suprisingly no investigation by congress or senate or the White House for obvious reasons.

What a shame.

13 comments:

Bill C said...

Yes, they are screwing the public, and I know a good screwing when I see one...

Robert E Wilson said...

Two words, "FREE MARKET".

Erik said...

Actually Robert I got two words for you: Price Gouging

You cant tell me that gas should be this high. It's price gouging there is no reason. Just look how fast the gas price goes up and how slow it falls down.

Robert E Wilson said...

Price gouging is legal, as it should be.

Erik said...

Remember when you visited me in Long Island both you bob and you Robert and you stayed at a hotel near where I lived? Right after 9/11 they were fined heavily for price gouging. It is not legal.

Erik said...

http://edition.cnn.com/2001/TRAVEL/NEWS/12/26/rec.price.gouging/

Robert E Wilson said...

Yes, you are right there. However, there is no federal law dictating how businesses price their goods.

Robert E Wilson said...

By the way, your link does not work.

Erik said...

I got it from a google search so if you type in price gouging 9/11 Long Island Hotels it's there.

Erik said...

Robert one more thing though can't the states sue Exxon/Mobil if they chose for the price gouging they are doing? Oh wait Bush would block that wouldn't he?

Robert E Wilson said...

It's only illegal if it can be shown that multiple companies are in collusion. If Exxon/Mobil's prices are so high, shouldn't Union 76 and Arco be able to undercut them and steal much of their sales? As long as the companies are truly competing with each, there is nothing wrong here.

Erik said...

Actually it's really collusion. At least that's what it sounds like. I mean if we looked up (and I don't have time right now to do it) the other oil companies I remember hearing the others are making record profits as well. Again though when I get back I will double check that.

Erik said...

And why undercut sales when you are making as much money as they are?