Big Oil profits aren’t driving gas prices, experts say, despite Biden’s ‘price gouging’ accusations

Posted on AllSides July 6th, 2022
From The Right
AP Photo/Evan Vucci

Big Oil has been the go-to boogeyman for President Biden and Democrats over alleged “price gouging,” with “Putin’s price hike” a close runner-up.

But profits made by the oil industry — while at record levels — ebb and flow with global energy markets, not because the firms are manipulating costs, according to market analysts.

“It’s just political posturing and pandering,” Ed Hirs, an energy economics professor at the University of Houston, said of the president’s anti-corporate rhetoric. “If the focus is just making profits, when is [Mr. Biden] going to turn his guns on Apple?”...

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