This is a big part of the problem with the economy. Companies like Exxon are profiting on the backs of our economic recovery. High gas prices have increased the cost of most items and taken a huge chunk out of the average American’s discretionary income. Discretionary income is what American’s have to spend after paying taxes and bills. Less discretionary income means people shop less, eat out less, take fewer trips, and cut back overall to close the ever-widening gap caused by rising gasoline prices.
So Exxon comes along and announces they made almost $11 billion dollars in profits for the first quarter after we just learned that economic growth was stunted, in part, from high gas prices. I am not advocating a departure from capitalism, however in light of the recent economic downturn; maybe these behemoth companies might make a little less profit so the economy can recover!
What I find hysterical is that Exxon officials know this news will “P-O” the public and are wondering how to “spin” the negative effects of their greed. You deserve all the negative publicity you get!