Exploiting inflation
I'm sure it's been mentioned before now but 'greed is good' once again. Some Corporate America entities are taking advantage of the excuses for raising prices whether or not they actually need to raise prices.
It's been obvious the oil companies are taking their sweet time in upping their production levels to keep crude prices up but Hershey's is cashing in as well. Talk about conspiracies...
The Guardian’s findings are in line with recent US commerce department data that shows corporate profits rose 35% during the last year and are at their highest level since 1950. Inflation, meanwhile, rose to 8.5% year over year in March.
But a closer look at the company’s financials suggests a vastly different reality. Hershey’s net profits spiked 62% between the fourth quarters in 2019 and 2021, its operating margin widened, and it recently rewarded shareholders with $200m in stock buybacks.
Still, customers will pay even more for candy bars in 2022 as Hershey aims for even higher profits: “Pricing will be an important lever for us this year and is expected to drive most of our growth,” CEO Michele Buck told investors.
https://www.theguardian.com/business/2022/apr/27/inflation-corporate-america-increased-prices-profits
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"Those guys over there are gettin' rich a lot faster by raising their prices so why not us? Let's do this! We need the extra income to offset rising prices anyway!"
Fossil fuel companies may see an opportunity to make a windfall before much more of their business is replaced by renewables. And at the same time damage the "clean energy" party so the fossil fuel party can make a big comeback. Win-Win!!!!!
