The number of cigarettes sold in the U.S. fell by 37 percent from 2001 to 2016. But revenues at U.S. tobacco companies rose by 32 percent over the same period, to an estimated $93.4 billion.
Why? Even taking into account the increasing regulations, declining sales, and massive amounts of lawsuits the industry faced, companies have been able to retain and add to their profits by increasing the prices of cigarette packs. While an average pack cost about $3.73 in 2001, that number rose to $6.42 in 2016 — nearly double.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
5 hilariously slippery cartoons about Trump’s grab for Venezuelan oilCartoons Artists take on a big threat, the FIFA Peace Prize, and more
-
A running list of everything Trump has named or renamed after himselfIn Depth The Kennedy Center is the latest thing to be slapped with Trump’s name
-
Do oil companies really want to invest in Venezuela?Today’s Big Question Trump claims control over crude reserves, but challenges loom
-
TikTok secures deal to remain in USSpeed Read ByteDance will form a US version of the popular video-sharing platform
-
Unemployment rate ticks up amid fall job lossesSpeed Read Data released by the Commerce Department indicates ‘one of the weakest American labor markets in years’
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
