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For Immediate Release

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Karl Frisch, 202-580-5813

Press Release

New Analysis: Big Oil Quick To Raise Gas Prices, But Slow to Lower

WASHINGTON -

Today, Accountable.US released a new analysis revealing that over the last 13 weeks, big oil has been quick to raise retail gas prices for consumers, even doubling price increases in some cases when crude oil prices spike but are much slower to lower prices when crude oil prices fall.

The cost of oil and the desire to increase profit margins heavily influence the price of retail gas, but as the analysis indicates, the latter plays a decisive role in setting prices.

"For months, oil and gas companies have price gouged consumers squeezing record-breaking profits out of Americans and forcing many into dire financial straits," said Jordan Schreiber, Director of Energy and Environment at Accountable.US. "When the price of crude oil increased, consumers were immediately forced to shoulder the high cost and more. Now, as crude oil prices fall, the industry needlessly drags its feet by lowering gas prices at a significantly slower rate than when they increased. Our analysis demonstrates that corporate greed drives artificially high prices at the pump. The longer big oil's predatory pricing scheme persists, the graver the cost to American consumers and the country's economic health."

When Oil Spot Prices Rise, Oil And Gas Companies Are Quick To Raise The Retail Price Of Gasoline. 

  • On May 6, 2022, Oil Spot Prices Rose By 3.73%, Followed By A Near Identical 3.34% Rise In Retail Gas Prices Three Days Later. 
     
  • On June 3, 2022, Oil Spot Prices Rose By 2.64% While Retail Gas Prices Shot Up 5.39% On June 6. 

However, Oil And Gas Companies Profit By Keeping Gas Prices High Even When The Price Of Oil Falls.

  • On April 29, 2022, The Spot Price Of Oil Fell 1.12%, But The Retail Gas Prices A Few Days Later Had Risen By 1.76%. 
     
  • On May 13, 2022, The Spot Price Of Oil Dropped 1.58% While The Retail Gas Price On May 16 Shot Up By 3.68%. 
     
  • On June 24, 2022, The Spot Price Of Oil Plummeted 7.37%, But The Retail Gas Price Fell A Mere 1.72% Three Days Later. 
     
  • On July 8, 2022, The Spot Price Of Oil Fell 6.89%, But The Retail Gas Price Only Fell 2.56% 

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Accountable.US is a nonpartisan watchdog that exposes corruption in public life and holds government officials and corporate special interests accountable by bringing their influence and misconduct to light. In doing so, we make way for policies that advance the interests of all Americans, not just the rich and powerful. 

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