WASHINGTON, DC – 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. 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." 

Jordan Schreiber, Director of Energy and Environment at Accountable.US

Analysis Highlights

Date Jan 10, 2022 Sept 23, 2022 % Change
Oil Price $78.11 $79.07 +1.2%
Jan 10, 2022 Sept 26, 2022 % Change
Gas Price $3.394 $3.832 +13%
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