New Research Shows Oil and Gas Companies Price Gouge Consumers After Record-Smashing Year

March 17, 2022

New Research Shows Oil and Gas Companies Price Gouge Consumers After Record-Smashing Year

Yesterday, President Biden called on oil companies to lower prices at the pump, warning that “oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans.” His tweet supports new findings showing that soaring gas prices for families have been a windfall for energy companies, CEOs, and investors. Groundwork Collaborative’s Executive Director Lindsay Owens gave the following statement:

“Every disruption to energy markets has proven to be another opportunity for CEOs to pad their profits – and the crisis in Ukraine is no exception. Despite the falling cost of crude, energy companies have made clear that Americans shouldn’t expect relief at the pump any time soon. The profits are simply too good.

“The only thing more lucrative than inflation profiteering is war profiteering. And now, we are experiencing both.”

Email press@groundworkcollaborative.org to speak to Groundwork’s team of inflation experts about the link between higher gas prices and price gouging.

The 24 top oil and gas companies raked in over $174 billion in profits last year, the highest increase in profits in seven years, and the seven supermajors gave back $38 billion to investors in stock buybacks. Here’s what they had to say on the latest round of corporate earnings calls: