November 23, 2021
Biden is very confused as to who is gouging.
By Jack Hellner
Joe Biden started the rampant rise in energy prices the day he took office by blocking a pipeline and banning federal-lands drilling.
As prices started rising, the first talking points said the price rise was transitional. As prices continued to rise and stay up, we were told that the rise was due to Biden's great policies that have caused demand to rise rapidly. Then the blame was pushed onto OPEC and Russia. Finally, as prices have stayed high and are causing great harm, and as Biden's poll numbers have dropped as fast as the New Year's ball at Time Square, Biden now says the price rise is due to gouging by the American oil companies. He has ordered the FTC to start a witch hunt which will be as fruitful as all the previous witch hunts around rising prices of oil. Biden, like Obama, never takes the blame for anything he does. He knows that the media will go along. Biden always blames anyone but himself or the destructive Democrat policies for everything that goes wrong, which is almost everything.
If Biden or anyone really cared about gouging, they would look at companies whose sales price greatly exceeded their direct cost of the product. That is the gross profit margin.
Here is a sample of some companies’ gross margins:
Facebook: 80.58%
Microsoft 68.9%
Comcast/NBC 65.69%
Twitter 63.23
Google 53.53
Apple 43.23
Viacom/CBS 40%
Chevron 26.53%
Exxon/Mobil 20.04%
These companies with high profit margins and profits use their powerful positions and money to buy out or destroy competitors which is pure greed and dangerous.
more
https://www.americanthinker.com/blog/2021/11/biden_is_very_confused_as_to_who_is_gouging.html
