AOC on oil price gouging

There is no valid reason for this rip off. Create laws to prevent it. Of course we'll need to elect representatives who aren't bribed by Big Oil first. From her email:

Explainer: Oil Profiteering

We’re all hearing a lot about rising gas prices. This week, the retail cost of a gallon of gas at one point hit a record high of $4.43.1

But something strange is going on that too few in the media and in public office are talking about: oil profiteering.

Let us explain…

You would think that the price of a gallon of gas is closely linked to the price of the barrels of crude oil used to make that gas. When Russia invaded Ukraine, the price of oil shot through the roof. That, in turn, sent gas prices upward.

But this week we’ve seen a disconnect between the cost of oil and the retail cost of gas. Take a look at this chart produced by the White House, showing numbers from Bloomberg News:

Oil vs Regular Gasoline Chart

Oil prices dropped 30% this past week2, but gas prices largely stayed the same.

So, what gives?

As the U.S. and other countries respond to Russian aggression in Europe, Big Oil is raking in record profits. They’re profiteering off of the war, using it as an excuse to gouge working families at the gas pump.

And this isn’t a new phenomenon. Exxon, Chevron, Shell and BP alone raked in more than $75 billion in profit in 2021.3 Chevron called 2021 one of its “most successful years ever.” Shell’s CEO called 2021 a “momentous year.” And Big Oil producers are planning for an “even better” 2022 by their own accounts.4

We need consequences.

There’s something fundamentally wrong when so much suffering felt by working people is accompanied by windfall profits for Big Oil executives and investors.

Alexandria Ocasio-Cortez is joining the growing chorus in Congress and the White House for accountability.5 Big Oil cannot continue to rake in massive profits while working families struggle to pay their bills.

@AOC Tweet



Alexandria Ocasio-Cortez is fighting for a powerful set of policies that will reshape our economy, shrink inequality and reverse the effects of climate change. Through a Green New Deal, we will reduce our greenhouse gas emissions and guarantee a high-wage job to everyone who wants one. And we’re not stopping there⁠—our platform calls for federal limits on rent increases, transformative criminal justice reform, Medicare for All and tuition-free public college.

Our campaign is 100% people-powered. In fact, we are the #1 small-dollar funded campaign in Congress. If you can, please consider making a donation today to keep Alexandria fighting for our agenda in Congress.

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