Gas Price Context Ahead of Tomorrow’s CPI Numbers Drop

Ahead of tomorrow morning’s release of the most recent Consumer Price Index, we wanted to share some very important context. The inflation data will inevitably show higher gas prices for American families but will of course not include the fact that Big Oil continues to post record breaking profits at the expense of working people. Families want answers, and data shows that, far and away, they are blaming oil and gas price gouging for their pain at the pump. This polling data is critical for any political analysis and runs counter to the narrative being promoted by allies of Big Oil.

While it won’t be reflected in the numbers released tomorrow because of the time lag, gas prices have actually dropped across the board in recent weeks, bringing much-needed relief for working people. But fossil fuel profits haven’t budged. 

Both ExxonMobil and Shell released data that proves their profits have boomed as families have suffered:

  • Oil giant ExxonMobil just revealed that they expect a massive growth in profit this quarter – between $1 billion and $1.4 billion from liquid fuels, and another $1.5 billion to $1.9 billion from gas. 
    • Overall, they are expected to post more than $18 billion in profit for the months of April, May, and June alone. 
  • Shell reported that their refining margin more than doubled from the first quarter to the second quarter this year, a bump that is expected to add more than $1 billion to quarterly earnings.
    • Shell also noted that they completed an $8.5 billion share buyback in early July.

In the midst of corruption from the oil and gas industry and the politicians they bankroll, Democrats are focusing on calling out profiteering in the oil and gas industry, while taking strides to secure a reconciliation bill that will lower costs for working people by extricating the United States from oil and gas in the long term. 

On Thursday, Senators Jeff Merkley, Elizabeth Warren, Cory Booker, and Congresswoman Jan Schakowsky will join the Hub Project for a press conference to discuss legislation that will lower prices and fight the rampant price gouging that is making gas unaffordable for working families, including: