Exxon Mobil said on Thursday soaring oil prices pushed its second-quarter earnings up 14 percent, again breaking its own record for the highest-ever profit by a U.S. company.
Net income in the quarter rose to $11.68 billion, or $2.22 a share, from $10.26 billion, or $1.83 a share, last year.
!!!???
Exxon Mobil posted record profit again and again while American Consumers suffer record high gas price. Does all this make sense?
Make no mistake I love capitalism and I am a strong believer of free market. I am not a fan of big government regulating business and commerce. However, Where is the "magic of free market" in this case? Anybody who has any common sense will detect that something is not right here.
The answer is not to have more regulations. Big corporation love regulations. The more the better. The more complex the better. Why? Because they can use the regulations to keep new competitors from entering into the market. In Econ this is called the "barrier of entry". The big corporations may have all sorts of resources to comply with any regulations, where smaller companies may not.
In conclusion, American consumers are screwed regardless. What a great economy!
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