July, 25 2022, 11:16am EDT
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%
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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Amnesty Urges War Crimes Probe of 'Indiscriminate' Israeli Attacks on Lebanon
"The latest evidence of unlawful airstrikes during Israel's most recent offensive in Lebanon underscores the urgent need for all states, especially the United States, to suspend arms transfers," said one campaigner.
Dec 12, 2024
Amnesty International on Thursday called for a war crimes investigation into recent Israeli airstrikes in Lebanon that killed dozens of civilians, as well as a suspension of arms transfers to Israel as it attacks Gaza, the West Bank, and Syria.
In a briefing paper titled The Sky Rained Missiles, Amnesty "documented four illustrative cases in which unlawful Israeli strikes killed at least 49 civilians" in Lebanon in September and October amid an Israel Defense Forces (IDF) campaign of invasion and bombardment that Lebanese officials say has killed or wounded more than 20,000 people.
"Amnesty International found that Israeli forces unlawfully struck residential buildings in the village of al-Ain in northern Bekaa on September 29, the village of Aitou in northern Lebanon on October 14, and in Baalbeck city on October 21," the rights group said. "Israeli forces also unlawfully attacked the municipal headquarters in Nabatieh in southern Lebanon on October 16."
Erika Guevara Rosas, Amnesty's senior director for research, advocacy, policy, and campaigns, said in a statement that "these four attacks are emblematic of Israel's shocking disregard for civilian lives in Lebanon and their willingness to flout international law."
The September 29 attack "destroyed the house of the Syrian al-Shaar family, killing all nine members of the family who were sleeping inside," the report states.
"This is a civilian house, there is no military target in it whatsoever," village mukhtar, or leader, Youssef Jaafar told Amnesty. "It is full of kids. This family is well-known in town."
On October 16, Israel bombed the Nabatieh municipal complex, killing Mayor Ahmad Khalil and 10 other people.
"The airstrike took place without warning, just as the municipality's crisis unit was meeting to coordinate deliveries of aid, including food, water, and medicine, to residents and internally displaced people who had fled bombardment in other parts of southern Lebanon," Amnesty said, adding that there was no apparent military target in the immediate area.
In the deadliest single strike detailed in the Amnesty report, IDF bombardment believed to be targeting a suspected Hezbollah member killed 23 civilians forcibly displaced from southern Lebanon in Aitou on October 14.
"The youngest casualty was Aline, a 5-month-old baby who was flung from the house into a pickup truck nearby and was found by rescue workers the day after the strike," Amnesty said.
Survivor Jinane Hijazi told Amnesty: "I've lost everything; my entire family, my parents, my siblings, my daughter. I wish I had died that day too."
As the report notes:
A fragment of the munition found at the site of the attack was analyzed by an Amnesty International weapons expert and based upon its size, shape, and the scalloped edges of the heavy metal casing, identified as most likely a MK-80 series aerial bomb, which would mean it was at least a 500-pound bomb. The United States is the primary supplier of these types of munitions to Israel.
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The October 21 strike destroyed a building housing 13 members of the Othman family, killing two women and four children and wounding seven others.
"My son woke me up; he was thirsty and wanted to drink. I gave him water and he went back to sleep, hugging his brother," survivor Fatima Drai—who lost her two sons Hassan, 5, and Hussein, 3, in the attack—told Amnesty.
"When he hugged his brother, I smiled and thought, I'll tell his father how our son is when he comes back," she added. "I went to pray, and then everything around me exploded. A gas canister exploded, burning my feet, and within seconds, it consumed my kids' room."
Guevara Rosas said: "These attacks must be investigated as war crimes. The Lebanese government must urgently call for a special session at the U.N. Human Rights Council to establish an independent investigative mechanism into the alleged violations and crimes committed by all parties in this conflict. It must also grant the International Criminal Court jurisdiction over Rome Statute crimes committed on Lebanese territory."
"Israel has an appalling track record of carrying out unlawful airstrikes in Gaza and past wars in Lebanon taking a devastating toll on civilians."
Last month, the court issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Israeli Defense Minister Yoav Gallant for alleged war crimes and crimes against humanity in connection with Israel's 433-day Gaza onslaught, which has left more than 162,000 Palestinians dead, maimed, or missing in the embattled enclave.
The tribunal also issued a warrant for the arrest of Hamas leader Mohammed Diab Ibrahim Al-Masri for alleged crimes committed during and after the October 7, 2023 attack on Israel, in which more than 1,100 people were killed and over 240 others were kidnapped.
Meanwhile, the International Court of Justice is weighing a genocide case brought by South Africa against Israel. Last week, Amnesty published a report accusing Israel of genocide in Gaza.
The United States—which provides Israel with tens of billions of dollars in military aid and diplomatic cover—has also been accused of complicity in Israeli war crimes in Palestine and Lebanon.
"Israel has an appalling track record of carrying out unlawful airstrikes in Gaza and past wars in Lebanon taking a devastating toll on civilians," Guevara Rosas said. "The latest evidence of unlawful air strikes during Israel's most recent offensive in Lebanon underscores the urgent need for all states, especially the United States, to suspend arms transfers to Israel due to the risk they will be used to commit serious violations of international humanitarian law."
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Echoing recent warnings from economists, business leaders, news reporting, and immigrant rights groups, Democrats on the congressional Joint Economic Committee detailed Thursday how President-elect Donald Trump's planned mass deportations "would deliver a catastrophic blow to the U.S. economy."
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There are an estimated 11.7 million undocumented immigrants in the United States, and Trump—who is set to be sworn in next month—has even suggested he would deport children who are American citizens with their parents who are not and attempt to end birthright citizenship.
Citing recent research by the American Immigration Council and the Peterson Institute for International Economics, the JEC report warns that depending on how many immigrants are forced out of the country, Trump's deportations could:
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Highlighting how mass deportations would harm not only undocumented immigrants but also U.S. citizens, the report explains that construction worker losses would "make housing even harder to build, raising its cost," and "reduce the supply of farmworkers who keep Americans fed as well as the supply of home health aides at a time when more Americans are aging and requiring assistance."
In addition to reducing home care labor, Trump's deportation plan would specifically harm seniors by reducing money for key government benefits that only serve U.S. citizens. The report references estimates that it "would cut $23 billion in funds for Social Security and $6 billion from Medicare each year because these workers would no longer pay into these programs."
Sen. Martin Heinrich (D-N.M.), who chairs the JEC, said Thursday that "as a son of an immigrant, I know how hard immigrants work, how much they believe in this country, and how much they're willing to give back. They are the backbone of our economy and the driving force behind our nation's growth and prosperity."
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Along with laying out the economic toll of Trump's promised deportations, the JEC report makes the case that "providing a pathway to citizenship is good economics. Immigrants are helping meet labor demand while also demonstrating that more legal pathways to working in the United States are needed to meet this demand."
"Additionally, research shows that expanding legal immigration pathways can reduce irregular border crossings, leading to more secure and regulated borders," the publication says. "This approach is vital for managing increased migration to the United States, especially as more people flee their home countries due to the continued risk of violence, persecution, economic conditions, natural disasters, and climate change."
The JEC report followed a Senate Judiciary Committee hearing on Tuesday that explored how mass deportations would not only devastate the U.S. economy but also harm the armed forces and tear apart American families.
In a statement, Vanessa Cárdenas, executive director of the advocacy group America's Voice, thanked Senate Judiciary Committee Chair Dick Durbin (D-Ill.) "for calling this important discussion together and shining a spotlight on the potential damage."
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One advocate called the CFPB's new rule "a major milestone in its effort to level the playing field between regular people and big banks."
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The Consumer Financial Protection Bureau, one of President-elect Donald Trump's top expected targets as he plans to dismantle parts of the federal government after taking office in January, announced on Thursday its latest action aimed at saving households across the U.S. hundreds of dollars in fees each year.
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The final rule is expected to save Americans $5 billion annually in overdraft fees, or about $225 per household that pays overdraft fees.
Adam Rust, director of financial services at the Consumer Federation of America, called the rule "a major milestone" in the CFPB's efforts "to level the playing field between regular people and big banks."
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The rule is set to go into effect next October, but the incoming Trump administration could put its implementation in jeopardy. Trump has named billionaire Tesla CEO Elon Musk to co-lead the Department of Government Efficiency, an advisory body he hopes to create. Musk has signaled that he wants to "delete" the CFPB, echoing a proposal within the right-wing policy agenda Project 2025, which was co-authored by many officials from the first Trump term.
"The CFPB is cracking down on these excessive junk fees and requiring big banks to come clean about the interest rate they're charging on overdraft loans."
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In recent decades, banks have used overdraft fees as profit drivers which increase consumer costs by billions of dollars every year while causing tens of millions to lose access to banking services and face negative credit reports that can harm their financial futures.
The Federal Reserve Board exempted banks from Truth in Lending Act protections in 1969, allowing them to charge overdraft fees without disclosing their terms to consumers.
"For far too long, the largest banks have exploited a legal loophole that has drained billions of dollars from Americans' deposit accounts," said CFPB Director Rohit Chopra. "The CFPB is cracking down on these excessive junk fees and requiring big banks to come clean about the interest rate they're charging on overdraft loans."
Government watchdog Accountable.US credited the CFPB with cracking down on overdraft fees despite aggressive campaigning against the action by Wall Street, which has claimed the fees have benefits for American families.
Accountable.US noted that Republican Reps. Patrick McHenry of North Carolina and Andy Barr of Kentucky have appeared to lift their criticisms of the rule straight from industry talking points, claiming that reforming overdraft fee rules would "limit consumer choice, stifle innovation, and ultimately raise the cost of banking for all consumers."
Similarly, in April Barr claimed at a hearing that "the vast majority of Americans" believe credit card late fees are legitimate after the Biden administration unveiled a rule capping the fees at $8.
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The new overdraft fee rule follows a $95 million enforcement action against Navy Federal Credit Union for illegal surprise overdraft fees and similar actions against Wells Fargo, Regions Bank, and Atlantic Union.
Consumers have saved $6 billion annually through the CFPB's initiative to curb junk fees, which has led multiple banks to reduce or eliminate their fees.
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