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:

[1]Oil vs Regular Gasoline Chart

Oil prices dropped 30% this past week^2, 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.

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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.

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