Congress Grills Big Oil Execs Over Price Gouging At The Pump

Image for article titled Congress Grills Big Oil Execs Over Price Gouging At The Pump

Illustration: Angelica Alzona (Shutterstock)

Y’all feel that? It’s a Spring Friday. Things are starting to look up. The weather’s getting warmer, the Yankees play today, the U.S. finally has a Black woman as a Supreme Court Justice and I’m going to California next week. We’ve got some good vibes happening here, folks.

Another good vibe? Gas prices continue their slow march back to normalcy. As like yesterday and many days before it, the average price of a gallon of gas dropped another penny. It now stands at $4.14 per gallon. We are on our way.

Something else we can take a little bit of joy in is Big Oil executives were grilled in front of congress, according to Reuters. Lawmakers say they are gouging Americans with higher-than-they-have-to-be fuel costs.

Members of the U.S. House of Representatives Energy and Commerce Subcommittee on Oversight and Investigations grilled companies on why gasoline prices remain elevated even though prices have dropped for crude oil.

U.S. gasoline prices have surged since Russia’s invasion of Ukraine in February and after Western countries slapped sanctions on Moscow’s energy exports. Pump prices hit a record, before inflation, of $4.33 a gallon on March 11, and since then have slipped about 4% to $4.16 a gallon, according to the AAA motorist group.

DeGette questioned the billions of dollars in profits earned by the companies, and cited $30 billion in taxpayer subsidies they receive as a reason they should help lower gasoline prices.

Chevron’s Chief Executive Mike Wirth said fuel prices are set by market dynamics that companies have little control over.

“Changes in the price of crude oil do not always result in immediate changes at the pump,” Wirth said, adding that “it frequently takes more time for competition among retail stations to bring prices back down at the pump.”

Let’s check out the final gas price winners and losers of the week.

Image for article titled Congress Grills Big Oil Execs Over Price Gouging At The Pump

Graphic: AAA

Here is the highest average gas prices in the country in order of highest price for a gallon regular:

  • California – $5.79 Regular | $6.01 Mid | $6.14 Premium | $6.35 Diesel
  • Hawaii – $5.24 Regular | $5.45 Mid | $5.69 (nice) Premium | $5.69 (nice) Diesel
  • Nevada – $5.13 Regular | $5.38 Mid | $5.56 Premium | $5.30 Diesel
  • Alaska – $4.70 Regular | $4.89 Mid | $5.06 Premium | $5.14 Diesel
  • Washington – $4.69 (nice) Regular | $4.94 Mid | $5.10 Premium | $5.53 Diesel

Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:

  • Missouri – $3.70 Regular | $3.98 Mid | $4.26 Premium | $4.70 Diesel
  • Kansas – $3.72 Regular | $3.99 Mid | $4.24 Premium | $4.72 Diesel
  • Oklahoma – $3.72 Regular | $4.01 Mid | $4.23 Premium | $4.70 Diesel
  • Arkansas – $3.74 Regular | $4.07 Mid | $4.36 Premium | $4.78 Diesel
  • Texas – $3.75 Regular | $4.11 Mid | $4.40 Premium | $4.78 Diesel

Have a lovely weekend my friends. You earned it.

Reference-jalopnik.com

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