July 13, 2022

Duckworth calls out Big Oil amid high inflation



Consumer prices soared 9.1% compared with a year earlier, the biggest 12-month increase since 1981, and up from an 8.6% jump in May.

The ongoing price increases underscore the brutal impact that inflation has inflicted on many families, with the costs of necessities, in particular, rising much faster than average incomes.

In response to soaring inflation, U.S. Senator Tammy Duckworth (D-IL) called out oil companies for not fully passing along the savings to consumers given oil prices started declining late last month.

I know working families are struggling with cost increases exacerbated by Putin’s war, and I’m not going to stop working to bring prices down on everything from gas to groceries to child care and more. But today’s economic report makes one thing crystal clear: despite oil prices falling 20% late last month, oil executives are still refusing to fully pass along those savings to working Americans," Duckworth wrote in a statement. "And Big Oil will only continue to pocket outrageous profits from Putin’s war of choice if we let them, which is why we need to pass my legislation to finally ban gas price gouging during an international crisis.

The surging prices and inflation will likely seal the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.

By:  KHQA Staff