'Corporate greed drives artificially high prices at the pump,' according to a new analysis by accountable_us.
Over the past four months, Big Oil has rushed to raise gasoline prices—sometimes charging far more at the pump than the increased cost of oil would warrant—and dawdled to lower them when crude's valuation declined, according to a new"The longer Big Oil's predatory pricing scheme persists, the graver the cost to American consumers and the country's economic health."
Sometimes, price hikes at the pump have closely resembled changes in the crude market. For instance, a 3.73% increase in oil spot prices from April 29 to May 6 was mirrored by a 3.34% increase in retail gas prices from May 2 to May 9. Meanwhile, when the cost of crude has fallen, Big Oil has been slow to act—if at all—and gas prices have either continued to soar or declined only slightly from one week to the next.
Even when the industry has lowered retail gas prices, it has failed to do so at a rate commensurate with the falling cost of crude.
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