Price Gouging: Are Producers, Refiners, Retailers to Blame for Higher Prices?

The head of a progressive organization said oil companies haven’t improved efficiency or lowered costs, but government reports suggest otherwise.

Price Gouging: Are Producers, Refiners, Retailers to Blame for Higher Prices?

The EIA also forecast on July 18 that oil output in, the Permian Basin, the largest producing basin, will reach a record in August and the highest since March 2020. (Source: Shutterstock.com)

Higher prices at the pump are the result of price-gouging by oil and gas companies, refiners and gasoline retailers, a university professor and the leader of a progressive research organization said during a press conference on July 19.

However, those claims seemed to shift under scrutiny.

Among other allegations, Lindsay Owens, executive director of the progressive Groundwork Collaborative, said that oil and gas companies have raised prices despite a lack of innovation or “pulling oil out of the ground more cheaply.”

Already have an account? Log In

Subscribe now to get unmatched and complete coverage of the Energy industry’s entire landscape!

View our subscription options
  • Access to site wide content
  • Access to our proprietary databases
  • Watch exclusive videos with energy executives
  • Unlimited access to an extensive library of Playbooks, Techbooks, Yearbooks, supplements, and special reports
  • Newly Added! Access to Rextag's Energy Datalink, containing extensive GIS databases of energy assets, production records, processing capacities, physical locations, planned projects, acquisition records, and much more.

Darren Barbee

Darren Barbee is senior editor for Oil and Gas Investor magazine.