Oil Companies Are Price Gouging at the Pump as Production Costs Drop

From the Center for American Progress (http://www.americanprogress.org):

“Oil prices are decreasing, gas prices should too. Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it’s $4.31. Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans.”President Joe Biden

It’s no secret to anyone who has filled up their tank in the last few weeks that all across the country, Americans are paying more and more for gas. In fact, nearly two-thirds of Americans find the high price of gas to be a very or somewhat serious problem, according to recent polling data.

But while Americans are paying more at the pump, big oil companies are paying LESS to produce that gas. It’s like they are keeping gas prices artificially high in order to maximize their profits at our expense.

The behavior of these oil companies is outrageous and not at all how the market is supposed to work.

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