that's a great example of being confidently wrong, recommend watching this explanation to educate yourself a bit https://www.youtube.com/watch?v=qdZbq1iw-ho

[+] maporita@lemmy.ml -6 points 1 year ago (2 children)

So if corporate greed is responsible for things like high oil prices what happened on April 20, 2020 when oil prices touched 0.01 per barrel? Do you think the oil companies were suddenly overcome with a spirit of charity?

It's true there may be some profiteering during times of economic instability but those are exceptions and they certainly don't account for the high profits experienced after the pandemic..those were a result of supply chain bottlenecks and a release of pent up demand. Corporate profits are now trending back down, at least in the US. Do you think the companies there have suddenly become less greedy?

[–] yogthos@lemmy.ml 6 points 1 year ago

I don't think companies should be in charge of national resources, and anybody who does needs their head checked.

[–] randomname01@feddit.nl 5 points 1 year ago

corporate greed is responsible for things like high oil prices what happened on April 20, 2020 when oil prices touched 0.01 per barrel

…yes? Both expected demand and actual demand were down significantly, leading to shocks in the market. Speculation was a significant part of the reason the prices went negative.