By way of follow-up, isn't it a hell of a coincidence that as crude oil prices have gone up for the past few years, so has the per gallon price at the pump?And isn't it a coincidence that today Exxon reported record profits. $36.13 billion for the year! So, obviously, the market price they were able to get for their products was way above their costs.
"Hmmm...why didn't they reduce their prices to only make the profit they wanted? It's almost as if they were trying to make as much money as they possibly could without regard for all those taxes they are going to pay. Silly corporation!"
You think that contradicts my position? It doesn't. In fact, I have always said that businesses exist to maximize profit; however profit maximization over the long run is not synonymous with price maximization.
If you will note from my prior post, something similar happened to the soft drink companies in the short run.
Better get your coffee, YN, you aren't on top of your game yet.
Do you have a link to a thorough article regarding Exxon's profits? I'd like to see their revenues as well as the hard profit number.