Pritzker accuses oil companies of "profiteering" from Iran war, demands refunds and price cuts for Illinois
Illinois Gov. JB Pritzker has issued an ultimatum to the leaders of America's major oil companies, accusing them of "profiteering" from supply constrains caused by the U.S. war with Iran.
In an open letter to the CEOs of major oil companies including Exxon Mobil, Chevron, Continental Resources, Shell USA, bp America, ConocoPhillips and Occidental Petroleum Corporation, Pritzker said increased gas prices have cost Illinois residents an additional $2 billion since Feb. 28.
"Since President Donald Trump started the war with Iran, the price of regular gasoline in Illinois has risen by more than $1.30 per gallon, averaging $4.34 per gallon across the state and costing Illinois residents an additional $2 billion so far" he wrote. "During the same period, your companies reported record-setting profits, which in some cases were more than double the profit you earned during the same time last year."
Pritzker accuses them of using "the guise of supply disruptions" from the war to collect these record-setting profits, calling it "the very definition of profiteering."
He called on each of the companies to give that money back to consumers through price cuts or direct refunds, and also wants them to provide transparency around pricing and profit margins since the war began. Pritzker also called for them to make public how executive teams are being compensated.
"Illinoisans have the right to know how your companies are profiting from this conflict, how much of those outsized profits from Illinois families are being made to pay, and what steps you will now take to provide them with relief at the pump," the letter concludes.
Pritzker has given the CEOs until Aug. 21 to respond.
The current national average cost for regular gas is more than $4 a gallon, according to AAA, and the average for premium gas is almost $5. A year ago, regular gas averaged $3.17 a gallon and premium sat at just barely over $4.
In late July, global oil prices again hit $100 a barrel as the war again escalated with attacks in the Red Sea.
