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needabiggerhammer t1_j22ft8e wrote

Reply to comment by Sakura365 in Exxon sues EU in move to block new windfall tax on oil companies by davetowers646

Exxon threatened the US congress during some hearings a bit ago (was during Rex's tenure) to just quit selling gas. Congress backed down. Even the people that scream about how powerful the oil companies are I think are underestimating them.

It's a bit terrifying if you ask me.

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fangiovis t1_j232ehl wrote

No one called that bluff? Were they really going to ignore their biggest market?

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needabiggerhammer t1_j248ibe wrote

Probably wasn't a bluff. Not like it would last long and probably wouldn't lose much if anything. It would doom anyone's reelection who was a party to it though and I don't know of a single congress critter that doesn't have "get reelected" as their first priority.

Keep in mind, looking at a report for FY2021, Exxon's earnings (not revenue) were only 8% from downstream (gas, lubes, that type of stuff). Chemicals and upstream is where all the profit is at.

This was also just one of those useless congressional committee hearings they do now and then that doesn't do anything regardless and has no real authority. So they didn't tell all of congress to piss up a rope.

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usrevenge t1_j2642ff wrote

That's when you say ok nationalize any assets in the name of national defense.

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