![Chevron oil sign at oil and gas conference](https://www.commondreams.org/media-library/chevron-oil-sign-at-oil-and-gas-conference.png?id=32134984&width=1200&height=400&quality=90&coordinates=0%2C131%2C0%2C0)
With a Chevron sign hovering in the background, people speak at an exhibition during the 23rd World Petroleum Congress conference on December 7, 2021 in Houston, Texas. (Photo: Brandon Bell/Getty Images)
To donate by check, phone, or other method, see our More Ways to Give page.
With a Chevron sign hovering in the background, people speak at an exhibition during the 23rd World Petroleum Congress conference on December 7, 2021 in Houston, Texas. (Photo: Brandon Bell/Getty Images)
A government watchdog group on Monday published a new briefing analyzing fossil fuel corporations' continued price gouging--even as crude oil prices fall to their lowest levels since January.
"Why are gas prices still failing to match lower oil prices? Corporate greed."
Accountable.US noted in its analysis that although crude oil prices have fallen below $80 per barrel, "prices for consumers are still 13% higher than they were last time oil was this cheap."
"Why are gas prices still failing to match lower oil prices? Corporate greed," the group asserted. "Big Oil is boasting record profits and dragging their feet to pass any lower costs onto consumers in order to keep padding investors' pockets."
Jordan Schreiber, director of energy and environment at Accountable.US, said in a statement that "as crude oil prices plummet, Big Oil's thinly veiled excuses for price gouging break down."
"Instead of passing the savings down to consumers trying to financially recover from the industry's unprecedentedly high prices at the pump this summer, Big Oil decided to further line the pockets of its wealthy shareholders and executives with more of everyday consumers' hard-earned money," Schreiber added. "Given this is all after Big Oil raked in a record-shattering $138 billion profits last quarter, it's clear their greed knows no bounds."
Related Content
Common Dreams reported in July that eight fossil fuel giants raked in $52 billion in record second-quarter profits, a 235% increase over the previous year.
Earlier this year, the advocacy group Public Citizen accused Big Oil of intentionally inflicting "pain at the pump" in order to boost profits at consumers' literal expense.
Activists, progressive U.S. lawmakers, and Democratic leaders at the state and local levels have been pushing for a windfall profits tax on Big Oil as a means of combatting both corporate greed and the worsening climate crisis.
The world is a pretty dark place right now. Economic inequality off the charts. The climate emergency. Supreme Court corruption in the U.S. and corporate capture worldwide. Democracy in many nations coming apart at the seams. Fascism threatens. It’s enough to make you wish for some powerful being to come along and save us. But the truth is this: no heroes are coming to save us. The only path to real and progressive change is when well-informed, well-intentioned people—fed up with being kicked around by the rich, the powerful, and the wicked—get organized and fight for the better world we all deserve. That’s why we created Common Dreams. We cover the issues that corporate media never will and lift up voices others would rather keep silent. But this people-powered media model can only survive with the support of readers like you. Can you join with us and donate right now to Common Dreams’ Mid-Year Campaign? |
A government watchdog group on Monday published a new briefing analyzing fossil fuel corporations' continued price gouging--even as crude oil prices fall to their lowest levels since January.
"Why are gas prices still failing to match lower oil prices? Corporate greed."
Accountable.US noted in its analysis that although crude oil prices have fallen below $80 per barrel, "prices for consumers are still 13% higher than they were last time oil was this cheap."
"Why are gas prices still failing to match lower oil prices? Corporate greed," the group asserted. "Big Oil is boasting record profits and dragging their feet to pass any lower costs onto consumers in order to keep padding investors' pockets."
Jordan Schreiber, director of energy and environment at Accountable.US, said in a statement that "as crude oil prices plummet, Big Oil's thinly veiled excuses for price gouging break down."
"Instead of passing the savings down to consumers trying to financially recover from the industry's unprecedentedly high prices at the pump this summer, Big Oil decided to further line the pockets of its wealthy shareholders and executives with more of everyday consumers' hard-earned money," Schreiber added. "Given this is all after Big Oil raked in a record-shattering $138 billion profits last quarter, it's clear their greed knows no bounds."
Related Content
Common Dreams reported in July that eight fossil fuel giants raked in $52 billion in record second-quarter profits, a 235% increase over the previous year.
Earlier this year, the advocacy group Public Citizen accused Big Oil of intentionally inflicting "pain at the pump" in order to boost profits at consumers' literal expense.
Activists, progressive U.S. lawmakers, and Democratic leaders at the state and local levels have been pushing for a windfall profits tax on Big Oil as a means of combatting both corporate greed and the worsening climate crisis.
A government watchdog group on Monday published a new briefing analyzing fossil fuel corporations' continued price gouging--even as crude oil prices fall to their lowest levels since January.
"Why are gas prices still failing to match lower oil prices? Corporate greed."
Accountable.US noted in its analysis that although crude oil prices have fallen below $80 per barrel, "prices for consumers are still 13% higher than they were last time oil was this cheap."
"Why are gas prices still failing to match lower oil prices? Corporate greed," the group asserted. "Big Oil is boasting record profits and dragging their feet to pass any lower costs onto consumers in order to keep padding investors' pockets."
Jordan Schreiber, director of energy and environment at Accountable.US, said in a statement that "as crude oil prices plummet, Big Oil's thinly veiled excuses for price gouging break down."
"Instead of passing the savings down to consumers trying to financially recover from the industry's unprecedentedly high prices at the pump this summer, Big Oil decided to further line the pockets of its wealthy shareholders and executives with more of everyday consumers' hard-earned money," Schreiber added. "Given this is all after Big Oil raked in a record-shattering $138 billion profits last quarter, it's clear their greed knows no bounds."
Related Content
Common Dreams reported in July that eight fossil fuel giants raked in $52 billion in record second-quarter profits, a 235% increase over the previous year.
Earlier this year, the advocacy group Public Citizen accused Big Oil of intentionally inflicting "pain at the pump" in order to boost profits at consumers' literal expense.
Activists, progressive U.S. lawmakers, and Democratic leaders at the state and local levels have been pushing for a windfall profits tax on Big Oil as a means of combatting both corporate greed and the worsening climate crisis.