by Photo courtesy of Lorena González

The price of oil in the world market has dropped almost to the level it had before the Russian invasion of Ukraine; however, consumer gasoline prices continue to rise, warned the incoming president of the California Federation of Labor, Lorena González.

According to the graphical index of oil prices, the price of a barrel of crude settled on Wednesday at $95.04, a far cry from the $130 it reached on March 8, when it reached a peak from which it began to descend rapidly.

Lorena González stressed that "the cost of a barrel of oil has been falling in the last week. However, gas prices continue to rise. As a result, corporate profits in the industry are skyrocketing."

The former assemblywoman questioned whether perhaps we directed our anger accordingly. 

González quoted an analyst, Warren Gunnels, who also compared that in March 2008, when the national price of a gallon of gasoline stood at $3.23, a barrel of oil cost $104.54.

In March 2022, a gallon of gasoline stands at $4.32, when a barrel of oil is almost $9 cheaper than in 2008, at $95.75.

"Don't blame inflation; blame corporate greed," Gunnels said.

Those observations echo those of some progressive lawmakers.

"Big Oil CEOs need to be held accountable for speculation; they can't stand this," Rep. Ilhan Omar (D-Minnesota) said in response to the drop in crude prices Monday.

Oil companies are "making a profit," Rep. Alexandria Ocasio-Cortez (D-New York) wrote for her part, warning that "there should be consequences for it."

On Thursday, there was no response from Republican lawmakers.

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