Oil companies are playing defense Wednesday on Capitol Hill, insisting they are not exploiting Russia’s invasion of Ukraine to fuel a surge in gas prices.
Gas prices broke records last month and are just off those prices now, so there’s been plenty of pain at the pump to go around. By the week ending around mid-March — just around the time consumer pump costs crescendoed — all shoppers were spending 59% more at gas and convenience stores year-over-year, according to new data from Numerator, a consumer market and analytics firm.
Of course, when the price tag on any sort of recurring expense increases, people with smaller budgets feel it more because they have less wiggle room. That’s a harsh reality low-income households are coping with every day now, with inflation rates at 40-year highs. But the gauge is tracking the size of certain spending categories.
The US government makes more money from oil than anyone by orders of magnitude.
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