We all get sticker shock at times when we stop off to fill our gas tank….but then it comes down a wee bit and we accept that as a lower price.
But why are all gas prices within a couple of cents of each other?
I believe that is called ‘price fixing’.
Consumer advocates demanded congressional hearings on alleged price fixing by oil giants on Monday after the Federal Trade Commission banned an executive from serving on the board of Chevron, saying he had colluded with international representatives to keep oil prices high.
The FTC said it would prohibit John B. Hess, CEO of the Hess Corporation, from serving on Chevron’s Board of Directors as part of Chevron’s acquisition of the company, citing Hess’ public and private communications “with the past and current secretaries general of the Organization of Petroleum Exporting Countries (OPEC) and an official from Saudi Arabia.”
“In these communications, Mr. Hess stressed the importance of oil market stability and inventory management and encouraged these officials to take actions on these issues and speak about them at different events,” said the FTC.
The FTC’s complaint marks the second time since May that an oil executive has been accused of collusion and price fixing to ensure Americans would continue paying high prices for gas, adding an estimated $500 per year, per vehicle, in fuel costs for the average U.S. household.
…
Rep. Mark Pocan (D-Wis.) said that “jail time should seriously be considered,” highlighting the financial pain Sheffield’s actions added to households already struggling to afford groceries, childcare, and other essentials.
The five largest U.S. oil companies have reported more than $250 billion in profits over the last two years.
https://www.commondreams.org/news/ftc-oil-price-fixing
But I will bet that these thieves get away with it….after all they own the Congress.
It is not just the oil industry that is doing this….agribusiness….car dealers….you pick a commodity and there will be some sort of collusion going on.
These corporations will get a slap on the wrist and pay a small fine and promise to never do it again….a promise that is broken before the ink is dry on the deal.
Time for somebody to step up and take on these thieves….and I wait.
I Read, I Write, You Know
“lego ergo scribo”
Gas $2.86.9 in Greensboro, NC. $1.86.9 when Trump left office.
The President does not control gas prices.
True, but they claim satisfactory or at least tolerable prices are a result of their policies. Biden/Harris claim “Bidenomics is working”. I sure wonder where’s the examples.
Dear Carl — if Trump gets elected and puts his threatened tariffs on all those countries shipping stuff into the USA, you will see the prices on everything… groceries, gasoline, automobiles, houses, clothing, medicines, (You name it) double and triple and maybe even quadruple — and then you can look back and worry about Bidenomics.
Yes, the tariffs result in higher prices for American but goal is less purchas from whom we buy. I hope the threat of tafiffs which means less selling for the exporters is enough to affect those who sell to us and not American consumers as the threat should only be a threat not a reality which would result in the scenario you suggest. It seems our bag of punishment tricks contains a lot of junk. .
Cannot blame anybody for the government does not set prices…..corporations are making all the cash from these prices…..if you remember just a couple of years ago you could get a dozen eggs for about a dollar fifty….and now…..chuq
One thing that irritates me enormously is that in a lot of cases when companies get caught price fixing, as the chicken processors did a few years ago and then the beef processing companies, they pay a token fine but deny they did anything wrong, no one goes to jail, and the government just lets them get away with it. Fines of even millions of dollars is chicken feed for these companies. They pay their executives bonuses that are more than that. They shouldn’t let them get away with it. Don’t just let them pay a fine and deny they were guilty. Prosecute them and start sending the CEOs, CFOs and boards of directors to jail. Until they start doing that nothing is going to change.
I totally agree…back in 2008 Iceland had the best idea….they jailed bankers for their actions that caused the crash. Damn good idea! chuq
We have been doing okay lately with petrol prices, mainly because the big 4 supermarkets use cheap petrol as a come-on to get people into their stores. But the threat of Israel attacking Iran’s petrol stocks pushed the price up by 3p a litre overnight this week. (15p a gallon increase)
Best wishes, Pete.
It is rising here as well….chuq
Some if the increase is due to supply shortages, some to excess profits, and sone to inflation. Inflation now is mostly due to government monetary snd fiscal policy. Harris is addressing excess profits in her campaign. She has plans to stop it. Don’t know whether her plans will work or not. Especially since her (and Trump’s) economic plans will increase inflation.
Oil companies own the Congress they will be safe. chuq