Biden: 'Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans.'
progressive lawmakers’ recent cries to hold oil and gas companies accountable for jacking up prices in response to the current crisis. The fossil fuel industry is “profiteering,” Rep. Alexandria Ocasio-Cortez wrote on Monday. “And there should be consequences for it.”, the average household would spend $1,300 more a year on gas, spending a collective $165 billion more on gas than consumers did in 2019. Gas prices are currently about $1.50 higher per gallon than pre-pandemic levels.
A lag between crude oil prices and gas prices is common in the oil and gas industry, experts say, and is typically called “rockets and feathers” – gas prices rocket on the way up, but fall back down like feathers.“Try explaining how it’s just rockets and feathers to President Biden, and you’d better be ready to hear, ‘That’s a bunch of malarkey’ coming back at you,” a senior White House.
When the Ukraine crisis first began, gas prices had already been creeping up as inflation rose and the industry
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