Oil companies scramble to find workers despite boom

Re:Oil companies scramble to find workers despite boom by pseudo0 on Saturday April 30, 2022 @09:09PM (#31221113)

I pulled up one example, Exxon Mobile. Their net profit margin is 8.21%. BP is at 4.8%. Meanwhile the average for the S&P 500 is at 12.4%. So if these companies decided to operate as non-profits, we'd see maybe a drop from $5.00 gas to $4.80 or $4.70 (assuming the whole discount gets passed on to consumers). Prices were already up before Ukraine thanks to the resurgence of demand post-covid, but it certainly didn't help.

Also, please don't argue via linking obnoxious TikTok-style videos. If you have a point, make it yourself.

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Re:Oil companies scramble to find workers despite boom by sitkack on Saturday April 30, 2022 @09:31PM (#31221244)

Exxon net profit is at an all time high, they don't need to increase supply and reduce prices. I never said they have to operate as a non-profit, what a ridiculous thing to bring into the discussion.

https://www.macrotrends.net/stocks/charts/XOM/exxon/profit-m...

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Re:Oil companies scramble to find workers despite boom by pseudo0 on Saturday April 30, 2022 @10:18PM (#31221517)

My point was that major oil companies already operate with low profits relative the the S&P 500, and that even an extreme reduction to 0% profit would not significantly reduce prices at the pump. An 8% profit does not explain gas prices doubling since 2020. Also the "all time" high profits are something like 0.05% above 2018, that language seems like headline clickbait. It might be technically true, but it's rather misleading.

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