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ActualSpiders t1_iu0igsf wrote

Reply to comment by flanderguitar in Shell paid zero windfall tax in UK despite record global profits by hugglenugget

Once they realized people would blame anything else besides the corporations for the price increases, they just kept increasing prices. Funny, that.

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[deleted] t1_iu2biff wrote

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ActualSpiders t1_iu2efps wrote

Ummm, what? Oil cartels totally do decide on global energy prices. Look at what Saudi Arabia is trying to do right now...

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[deleted] t1_iu2o1d1 wrote

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ActualSpiders t1_iu2zgac wrote

Today you learned Saudi Arabia is one of the key & founding members of OPEC - the Organization of Petroleum Exporting Countries - and therefore part of the cartel that, by and large, does set oil prices on the world market.

And as has been noted repeatedly if only you'd read world news, they've been jacking their prices sky-high because they only recently noted that such price hikes would be blamed on political actors instead of the oil producers themselves.

This isn't rocket science.

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[deleted] t1_iu32t8c wrote

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ActualSpiders t1_iu3981o wrote

Sure. There's no connection between oil companies and oil producers. There's certainly no reason to think that oil companies making record profits has anything to do with the Saudi royal family combined being worth almost $1.5 trillion dollars. Yep, nothing linking those things at all.

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[deleted] t1_iu41ujl wrote

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ActualSpiders t1_iu56j99 wrote

No, it's the exact same reason every monopoly or cartel doesn't constantly raise their prices - a combination of topping out what the market can/will pay for the product (car travel in the US went down markedly over the spring & summer because gas was too expensive) and also wanting to stay "below the radar" because when consumers finally realize how they're being played they tend to demand action from their government.

This has all been studied extensively in economics & understood for generations now. Again, it ain't rocket science.

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[deleted] t1_iu59ln5 wrote

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ActualSpiders t1_iu5bac3 wrote

Supply and demand work differently in a market where supply is dominated by a cartel. Ho read some basic econ books and then get back to me because it's clear your understanding of the subject isn't sufficient to run a lemonade stand. Good day.

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