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often, a considerable swing it your inventory happens vo be automotive gasoline.
And, of course, it matters not a whit what you paid for the goods in your inventory. But, if you have 20,000 gallons of gasoline in the ground, and, when you bought it, you could sell it at a reasonable profit for $2.39 a gallon, and then the price goes up to $3.39 a gallon, you just made $20,000.00 ‘extra’ profit as a result of the increase in the sale price. All perfectly legal. It causes a bit of consternation and hand wringing among the general public and the politicians, but that blows over pretty quickly.
However, if you have 500,000 gallons of gasoline in tanks at the distribution center, and the price goes up $1.00 per gallon, well, you just made a cool half million dollars additional profit. Perhaps that is why, in this time of scarce gas, we are told, ExxonMobil reported the highest earnings per quarter, ever. Now, let’s see, the gas is scarce, and you report the
94.8%