Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Chevron oil sign at oil and gas conference

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)

'Their Greed Knows No Bounds': Analysis Shows Ongoing Price Gouging by Oil Giants

"Big Oil is boasting record profits and dragging their feet to pass any lower costs onto consumers in order to keep padding investors' pockets," said Accountable.US.

Brett Wilkins

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."

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.

Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.

Citing 'Unprecedented Crisis,' House Dems Push Biden to Protect Haitians From Deportation

Warning of "mortal danger," one advocacy group argues extending and redesignating Temporary Protected Status for Haitians "is a matter of life and death."

Jessica Corbett ·

Pentagon Fails Another Audit, Yet Congress Poised to Approve $847 Billion Budget

"This isn't using our taxpayer dollars wisely," said the National Priorities Project. "It's robbing programs that we need, like the discontinued child tax credit that cut child poverty by half."

Kenny Stancil ·

Experts Warn 'Doomsday Scenario' for Colorado River Basin Possible in 2023

"The problem with massive projects like Lake Powell and the Glen Canyon Dam," said one climate journalist, "is they were engineered for a climate that no longer exists."

Julia Conley ·

Starbucks Violated Law and Must Bargain With Union in Seattle: NLRB

The coffee giant, which plans to appeal, "is continuing its aggressive anti-union campaign against workers by delaying, confusing, and flat-out refusing to bargain with them," said Starbucks Workers United.

Jessica Corbett ·

Three UK Universities Ban Fossil Fuel Industry Recruiters From Campus

"It is vital that our universities show with actions, not words, that they are taking the side of climate justice, and not of the industries driving us deeper into a climate crisis," said one campaigner.

Julia Conley ·

Common Dreams Logo