You're probably getting screwed by oil companies
Now gas prices are outrageous, but it’s not just in the U.S., it’s happening all around the world.
So, how did we get here?
First, there’s still general inflation from post-pandemic supply disruptions.
Second, Russia decided to invade Ukraine which has driven up energy and food prices all around the world.
Third, there are many small businesses I know of that despite the pandemic supply chain issues and despite inflation, they don’t want to pass the buck onto their customers. Oil companies are NOT that. Remember these first quarter profits next time you’re at the pump.
Along those lines, President Biden sent a letter last month to leading oil refiners, noting their reduction in capacity and their soaring profit margins are hurting us all. He’s urging them to increase capacity quickly. He is also calling on Congress to pass a three month long gas tax holiday. He has also been forceful on Twitter in his demands for oil companies to stop price gouging consumers.
In the short term, we have to find a way to lower gas prices because it affects all of us, even if you don’t have a car. In May, gas alone accounted for 20% of all U.S. inflation.
Long term, we need to keep in mind that these are the same companies that lied to us before. And their wishlist of more taxpayer subsidies, more land opened for drilling, and fewer environmental and health safeguards will NOT help people struggling with the price of gas today.
We can never be energy independent while we rely on a fuel source that is both controlled by the global market and highly susceptible to international conflict and manipulation by autocratic regimes.
Lastly, we need to hold these companies accountable. We need to know that we can’t drill our way into energy independence. And true energy independence comes from a long term vision of investing in clean energy, like solar, wind, geothermal, and hydroelectric energies.
Otherwise, we will continue to get screwed!
YOU’RE PROBABLY (ALSO) GETTING SCREWED BY:
PBM + DRUG PRICES
Have you heard of pharmacy benefit managers (PBMs)? They’re a huge reason why drug prices in the U.S. are more expensive than anywhere around the world. The Federal Trade Commission (FTC) unanimously voted to require the six biggest PBMs to turn over information and records. This is a huge first step to holding this middleman industry accountable!
BILLIONAIRES
Billionaires shouldn’t control elections!
GIANT TECH COMPANIES
Do you ever get the feeling that giant tech companies don’t have our best interests? There’s bipartisan momentum in Congress to help tame these companies but the Tech industry has poured millions into ads opposing an antitrust bill blocking Amazon, Google, Facebook and Apple from favoring their own products.
PRICE GOUGING
Shoutout to Democrats in the Pennsylvania legislature that have a plan that would end price gouging and protect the general public.
And in Kentucky, Gov. Andy Beshear (D) is invoking anti-price gouging laws to protect consumers.
More of this, please!
THE LACK OF UNIVERSAL HEALTHCARE IN AMERICA
A new study if the U.S. had universal healthcare during COVID indicated that “the numbers of lives lost and dollars spent would have been significantly lower if coverage had been extended to everyone.” The study’s lead author Alison Galvani, director of the Center for Infectious Disease Modeling and Analysis at the Yale School of Public Health. “Americans are needlessly losing lives and money.” She finishes with “Universal single-payer health care is both economically responsible and morally imperative.”
The U.S. is paying the most per person when it comes to healthcare and we’re in the middle of the pack on results. We’re not getting a good bang for our buck!
***If you have a healthcare story or see a healthcare story posted on social media that needs more attention, please comment below and we will reach out.
BEFORE YOU GO
Before you go, I need two things from you: 1) if you like something, please share it on social media or the next time you have coffee with a friend. 2) Ideas, if you have any ideas for future newsletter content please comment below. Thank you.
Standing Tall for All,
J.D. Scholten