WASHINGTON, DC – Today, Accountable.US released a new analysis unpacking Big Oil’s continued price gouging even after crude oil dropped to almost $75 per barrel; 38 percent lower than the peak price set in June. Despite the price of crude oil plummeting to its lowest price since December of last year, Big Oil companies have kept consumer gas prices artificially high for consumers charging them 8% more over the same period.
In anticipation of bad-faith justifications from Big Oil for its ongoing war on consumers, the recent drop in crude oil prices can be correctly linked to cost-saving measures in the Inflation Reduction Act. While Big Oil benefits from this significant price reduction, they haven’t passed the savings on to consumers who’ve been overburdened by high prices at the pump for the better part of this year – a burden that helped balloon industry profits.
As oil prices plummet, the industry’s baseless excuses for keeping consumer gas prices high fall apart. Instead of passing the savings down to consumers who badly need relief after paying astronomically high prices at the pump for months, Big Oil decided to continue lining the pockets of its wealthy shareholders and executives – this after major oil and gas companies raked in a record-shattering $343 billion profits over the last three quarters of this year. It's clear their greed knows no bounds."