On the recordJune 22, 2022
As President Biden pointed out last week, here is the cold, hard truth about gas prices: The last time oil was at its current price, the average price of gas at the pump was about $4.25 per gallon. Today, gas prices are nearly 75 cents higher. That difference, across just 3 months, is the result of historically high profit margins for refining oil into gasoline. Oil and gas companies are announcing record profits while Putin's war in Ukraine is driving up prices at the pump. These companies are prioritizing stock buybacks while families are struggling to pay higher prices at the pump. This is exactly why the House passed the Consumer Fuel Price Gouging Prevention Act last week. Yet not a single Republican voted with us to stop Big Oil from raking in record profits on the backs of hardworking Americans. Families are facing a crunch, and they deserve action. ____________________
