October, 05 2022, 12:49pm EDT
OPEC Cuts Demand Action on Gasoline Exports
Corporate profit seeking would be curtailed by banning exports.
WASHINGTON
Today, the OPEC+ cartel announced a new round of production cuts intended to keep global prices high. The Biden White House had been applying pressure to stop the move, and have warned domestic refiners to bolster their reserves instead of continuing to export gasoline.
In the first half of this year, the U.S. exported 11% more gasoline than last year, as companies sought higher profit margins.
Food & Water Watch Managing Director of Policy Mitch Jones issued the following response:
"It is no surprise that the international oil cartel is seeking to maintain high prices. Political leaders here at home must understand that the solution is not to increase drilling. Corporations are exporting record quantities of gasoline, and making record-setting profits as a result. Their greed hurts working families still grappling with high inflation and rising utility bills.
"It's time to take real action to rein in this outrageous corporate profiteering. That should start with Congress passing a ban on gasoline exports."
Food & Water Watch mobilizes regular people to build political power to move bold and uncompromised solutions to the most pressing food, water, and climate problems of our time. We work to protect people's health, communities, and democracy from the growing destructive power of the most powerful economic interests.
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According to the CBD:
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