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.
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
Â
Price Gouging at the Pump Results in 235% Profit Jump for Big Oil: Analysis
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.
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support.
Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights.
Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive.
Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most.
Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community.
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
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
Â
Price Gouging at the Pump Results in 235% Profit Jump for Big Oil: Analysis
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.
Brett Wilkins is a staff writer for Common Dreams.
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
Â
Price Gouging at the Pump Results in 235% Profit Jump for Big Oil: Analysis
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.
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.
SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
