BELOW SUPERNAV drop zone ⇩

Big Oil to blame for high diesel, gas prices, Sec. Buttigieg says

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

(NewsNation) — While gas prices have fallen slightly in recent weeks, the average cost for diesel remains above $5 a gallon and U.S. Transportation Secretary Pete Buttigieg is leveling the blame on oil behemoths.

“I can’t help but notice when the price of crude oil goes up, gas and diesel goes right up alongside it, right away. And yet, when the price of oil settles back down, the same has not always been true for gas and diesel. That means that you’ve got a lot of oil companies who are pocketing the profits instead of passing on those lower prices to consumers,” Buttigieg told NewsNation’s Nichole Berlie on Rush Hour Friday.

As far as what the federal government is doing about it, Buttigieg pointed to actions taken by President Joe Biden’s administration like releasing oil from the country’s petroleum reserve and blamed oil companies for profiting at the expense of the American people.

Oil companies have been the focus of much of the White House’s ire since gas prices surged to record highs in early March. But petroleum industry experts have argued that pandemic-related setbacks like labor and supply shortages are more significant factors.

An ABC news poll earlier this month found the vast majority of Americans blame Russian President Vladimir Putin and big oil companies for high gas prices but more than 50% of respondents also blamed Democratic policies and President Joe Biden.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Sunny

la

70°F Sunny Feels like 70°
Wind
3 mph S
Humidity
22%
Sunrise
Sunset

Tonight

A few passing clouds. Low 46F. Winds light and variable.
46°F A few passing clouds. Low 46F. Winds light and variable.
Wind
2 mph N
Precip
9%
Sunset
Moon Phase
Waning Gibbous