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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAs gas prices in Connecticut hit $5 a gallon, Sen. Blumenthal targets oil companies' profits
Hartford Courant via Yahoo NewsThe statewide surge is in line with national and global trends.
No one has been spared from pain at the pump, including U.S. Sen. Richard Blumenthal, who said during a press conference Monday that he paid $4.83 per gallon in Hartford that morning and $5.07 per gallon in a different part of the state over the weekend.
Im angry, he said, just as every driver in the state is.
Blumenthal, while standing across the street from a gas station in Hartford, noted gasoline prices have soared this year due to increased demand as the U.S. attempts to shake off the COVID-19 pandemic as well as Russias invasion of Ukraine, which has upended global markets.
But Blumenthal also cited oil companies price gouging as another reason for high gasoline prices.
The big oil companies are profiteering, Blumenthal said. They are making record profits causing consumers unprecedented pain.
Groundhawg
(550 posts)If they did they would have raised the price when it was trading at a negative value awhile back.
In It to Win It
(8,250 posts)Even though oil prices are influenced by factors that are out of the control of American politics, most people don't know that and don't care. He's trying to point the finger to corporations and away from Democrats.
MichMan
(11,924 posts)Chuck Schumer blamed Trump in 2018 for it being $3 per gallon.
Bush and Obama both got blamed for it was well when they were president. It's just how it is. If Republicans were now in charge, we would be the first ones blaming them for it.
multigraincracker
(32,676 posts)Markets and Militias. Go for a twofer.
onecaliberal
(32,858 posts)Groundhawg
(550 posts)Ron Green
(9,822 posts)If it were too expensive, people wouldnt sit with their engines running while they read the phone.
They wouldnt drive a long commute, alone, to work a job they dont really want.
They wouldnt continue to buy monster SUVs and pickup trucks.
They wouldnt run up and down the lake on jet skis all day.
If gasoline were really too expensive, behavior would change.
In It to Win It
(8,250 posts)Ron Green
(9,822 posts)I think youve got a bad deal going.
In It to Win It
(8,250 posts)But what can you do
Joe Biden isnt expanding oil and gas drilling but Dems can lose over gas prices and inflation. The alternative is a party that will expand drilling as much as they can when they have power.
kelly1mm
(4,733 posts)The real thing to look at for price gouging is profit margin. not total dollars profit. Walmart profits billions but only has a 3-5% Profit margin. Apple has much smaller revenue than Walmart but has profit margins near 20%. My understanding is that even in this 'record profits' time, oil companies profit margins are less than 10%.