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For Immediate Release

Contact

Pablo Willis, pablo@accountable.us

Press Release

New Analysis: Big Oil Continues Price Gouging Consumers After Oil Prices Drop

WASHINGTON -

Today, Accountable.US released a new analysis unpacking Big Oil’s continued price gouging even after crude oil dropped below $80. Despite the price of crude oil plummeting to its lowest price since January, Big Oil companies keep gas prices artificially high for consumers charging them 13% more than when oil was previously this cheap.

In advance of potential dubious justifications from Big Oil for its continued and future price gouging, the analysis reveals the limited effects Hurricane Ian has on the country's gas production, revealing that less than 2% of US gas production had been suspended.

"As crude oil prices plummet, Big Oil’s thinly veiled excuses for price gouging break down," said Jordan Schreiber, Director of Energy and Environment at Accountable.US. "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. 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."

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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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