skip to main content
skip to newscasts

Sunday, April 14, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Uncovering America's methamphetamine history; PA Early Intervention programs vital for child development; measuring long-term impact of the O.J. Simpson trial on media literacy.

view newscast page
play newscast audioPlay

President Biden's name could be left off the ballot in Alabama and Ohio, the Justice Dept. mandates background checks for gun show purchases, and Iowa Gov. Kim Reynolds moves to allow state police to arrest undocumented migrants.

view newscast page
play newscast audioPlay

Housing advocates fear rural low-income folks who live in aging USDA housing could be forced out, small towns are eligible for grants to enhance civic participation, and North Carolina's small and Black-owned farms are helped by new wind and solar revenues.

Big Oil Kept Gas Prices High as Crude Oil Prices Dropped

play audio
Play

Monday, December 19, 2022   

After the price of crude oil plummeted to $75 a barrel, which marked the lowest price since December of last year, big oil companies kept consumer gas prices artificially high in Wyoming and around the nation, according to new analysis by Accountable.US.

Chris Marshall, research manager for the group, said instead of passing cost savings down to consumers who have been paying high prices for months, big oil has continued to line the pockets of its wealthy shareholders and executives.

"While prices at the pump have been hurting American families, oil and gas companies are making record-shattering profits," Marshall pointed out. "Just in the first three quarters, 24 companies made $343 billion."

Marshall noted it represents a 126% increase in profits over the same time period last year. In testimony before Congress, oil and gas executives said they are increasing energy output, which should ease demand. Some CEOs put the blame for the sluggish pace of lowering prices at the pump on local retailers the oil companies do not own or control.

After the price of spot crude dropped by 38% compared with the peak price set in June, the average price of gasoline actually went up by 8%, from $3.28 a gallon, to $3.54 a gallon.

Marshall hopes to see political leaders make consumers whole by following Great Britain's lead. It recently imposed a windfall profits tax on oil and gas companies.

"An important piece of that is accountability for the oil and gas industry," Marshall argued. "I think a windfall profits tax would be badly needed if we hope to stop the blatant price gouging of American consumers from the biggest oil and gas companies."

Marshall noted in addition to monitoring the price of crude and retail gas prices, his group also monitors SEC-mandated earnings calls of top oil and gas companies. He added across the board, CEOs have been boasting about record profits linked to high gas prices, and investors continue to push for distributions.

In the first nine months of this year, 21 oil and gas companies gave more than $107 billion to shareholders through dividend payouts and stock buybacks.


get more stories like this via email
more stories
Kentucky certified lactation consultant and birth doula Bonnie Logsdon has been vocal in her support for House Bill 10. (Adobe Stock)

Social Issues

play sound

In the final days of the legislative session, Kentucky Senate lawmakers could consider the "Momnibus" bill, which would increase access to critical …


play sound

Until recently, many Americans of Middle Eastern or North African descent were categorized as "white" in government surveys, making it challenging to …

play sound

Conversations about diversity, equity and inclusion are on the rise as lawmakers propose bills to restrict or ban DEI in state-funded institutions…


Enbridge owns and operates Line 5, a controversial oil pipeline that crosses tribal lands and runs under a portion of the Great Lakes. (Adobe Stock)

Social Issues

play sound

Next week, Native American leaders from the Midwest will go before a United Nations panel with their concerns over a controversial oil pipeline they …

Social Issues

play sound

O.J. Simpson's death has the nation looking back on the infamous murder trial that resulted in his acquittal. Experts say one of the lasting impacts …

IRS Direct File is a new tax tool to file federal income tax returns for free, directly with the IRS. It comes with access to live customer service representatives who can answer tax questions. (stevepb/Pixabay)

Social Issues

play sound

Florida residents can now file their simple income-tax forms for free and save time through the Internal Revenue Service's Direct File pilot program…

Social Issues

play sound

New York restaurant workers need to know their rights to better navigate their workplaces. A new report finds high rates of what it calls …

Environment

play sound

People working for environmental justice are rallying today at the downtown Pittsburgh headquarters of U.S. Steel, voicing their concerns to company …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021