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In It to Win It

(8,250 posts)
Mon Jun 6, 2022, 07:14 PM Jun 2022

As gas prices in Connecticut hit $5 a gallon, Sen. Blumenthal targets oil companies' profits

Hartford Courant via Yahoo News

Gasoline prices in Connecticut continue to skyrocket, with the average cost in the state surging to $4.89 per gallon, up from $4.65 a week ago and $4.20 a month ago, according to AAA.

The 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.

“I’m 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 Russia’s 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.”
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As gas prices in Connecticut hit $5 a gallon, Sen. Blumenthal targets oil companies' profits (Original Post) In It to Win It Jun 2022 OP
Does he know oil is a globally traded commodity and oil companies don't set the price? Groundhawg Jun 2022 #1
It's about optics. People will blame politicians, more spefically Democrats In It to Win It Jun 2022 #2
This MichMan Jun 2022 #6
Time to regulate multigraincracker Jun 2022 #3
👆🏻👆🏻👆🏻 onecaliberal Jun 2022 #4
Then it really gets high. Groundhawg Jun 2022 #5
It's still not too expensive. Ron Green Jun 2022 #7
Its expensive enough to cost us an election In It to Win It Jun 2022 #9
Geez, if your political wins depend on artificially cheap gasoline, Ron Green Jun 2022 #10
It's a terrible deal In It to Win It Jun 2022 #11
'Record profits' is a meaningless stat, especially in an inflationary environment. kelly1mm Jun 2022 #8

Groundhawg

(550 posts)
1. Does he know oil is a globally traded commodity and oil companies don't set the price?
Mon Jun 6, 2022, 07:18 PM
Jun 2022

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)
2. It's about optics. People will blame politicians, more spefically Democrats
Mon Jun 6, 2022, 07:21 PM
Jun 2022

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)
6. This
Mon Jun 6, 2022, 07:42 PM
Jun 2022

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.

Ron Green

(9,822 posts)
7. It's still not too expensive.
Mon Jun 6, 2022, 07:47 PM
Jun 2022

If it were too expensive, people wouldn’t sit with their engines running while they read the phone.

They wouldn’t drive a long commute, alone, to work a job they don’t really want.

They wouldn’t continue to buy monster SUVs and pickup trucks.

They wouldn’t run up and down the lake on jet skis all day.

If gasoline were really too expensive, behavior would change.

Ron Green

(9,822 posts)
10. Geez, if your political wins depend on artificially cheap gasoline,
Tue Jun 7, 2022, 12:22 AM
Jun 2022

I think you’ve got a bad deal going.

In It to Win It

(8,250 posts)
11. It's a terrible deal
Tue Jun 7, 2022, 08:06 AM
Jun 2022

But what can you do…

Joe Biden isn’t 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)
8. 'Record profits' is a meaningless stat, especially in an inflationary environment.
Mon Jun 6, 2022, 08:46 PM
Jun 2022

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%.

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