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US companies face rising battle to fend off vilification over ‘excess’ profits

Financial Times LogoFinancial Times1 mo ago

US companies face rising battle to fend off vilification over ‘excess’ profits

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More than three-quarters of US voters — Democrats and Republicans — support some form of legislation to clamp down on energy price gouging, Morning Consult found last month.

It is true that US companies have shown remarkable success until now at passing on cost increases to their customers (many of whom were only able to pay the extra because of government stimulus spending). This has been an important prop holding up market valuations.

In recent weeks, Biden has told refiners that their rising profit margins are unacceptable “at a time of war” in Ukraine and criticised ExxonMobil for “making more than God this year”.


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Article Details

Author / Journalist: Andrew Edgecliffe-Johnson

Category: MarketsFinanceInvesting

Topics: Inflation Financial Last Morning Political Profits Corporate Margins Companies

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-27, 04:00:58

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Reading Time: 5 minutes read

Article Length: 840 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 14862

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About Financial Times

Financial Times Logo

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 16 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 9h ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #3

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