Do you hear anyone saying that? I don’t either.
The only political debate I listened to was the Vice Presidential one with Biden and Palin, and it seemed like every other phrase out of Biden’s mouth was “ExxonMobil blah blah 4 billion dollars”.
Well, now gas around these parts is no longer $4 per gallon as it was just a few months ago in the summertime. It isn’t $3 either. And, [in my best Ron Popeil voice], you’re not gonna pay $2.50, $2.25, and I’m here to tell you tonight, it won’t even cost you $2–gas is $1.89 at ExxonMobil in Austin today, and probably even lower by the time I write this.
I heard ExxonMobil being blamed for fixing the market and causing the rise in gas prices, but now I don’t hear an admission of error nor any reasonable explanation for why they are jacking the prices down and cutting into their profits now.
If my company’s business went from being able to charge $4 for product to less than $2, we would be crushed. My conjecture as to why Exxon will not be crushed is from my friend’s brother who works there (and sometimes reads this blog): Exxon wisely operates their business as if oil is $20 per barrel (I may be off on the exact number, perhaps its even $10?).
Oil peaked at around $150 per barrel I recall; now it is something like $60! But Exxon has weathered these wild fluctuations before and judiciously plans for much lower prices so that they can remain profitable and not go bankrupt and lay off tens of thousands of hard-working people.
Exxon doesn’t control the oil market–they are a small player in it, accounting for only 3% of world production–otherwise they never would have let the price of oil drop by over 50%, and the prominent people like VP-elect Joe Biden who tried to make them the scapegoat need to apologize and admit their error.
Operating a business soundly to ensure good jobs for 82,000 people worldwide (their employees) is laudable and should be appreciated, not unscrupulously attacked to prop up an agenda.