Sen. Bernie Sanders claims inflation isn't to blame for high gas prices
The Vermont senator blamed soaring gas prices on 'corporate greed, collusion & profiteering'
Sanders Morris Harris chairman George Ball and Revere Securities CSO Scott Fullman discuss how the Ukraine situation is impacting markets on 'The Claman Countdown.'
Sen. Bernie Sanders, I-Vt., claimed Tuesday evening that rising gas prices are not a consequence of inflation.
"Shock. Shock. Shock. Gas prices are at the highest level in 7 years while Exxon Mobil, Chevron, Shell & BP made nearly $25 billion in profits last quarter – the highest level in over 7 years. The problem is not inflation. The problem is corporate greed, collusion & profiteering," Sanders tweeted.
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Gas prices are already up nearly 40% compared to this time last year, according to AAA. Over the past week, prices climbed four cents to an average price of nearly $3.50 per gallon nationwide.
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Some states have faced even greater increases, with some drivers in New Mexico paying as much as 18 cents more at the pump over the past week, according to AAA data.
Senator Bernie Sanders, an Independent from Vermont, speaks during a news conference at the U.S. Capitol in Washington, D.C., on Oct. 6, 2021. (Stefani Reynolds/Bloomberg / Getty Images)
According to a new analysis published earlier this month by the Joint Economic Committee Republicans, the Biden administration is exacerbating soaring energy prices by cracking down on the oil and gas industry with new regulations that limit production and discourage investments in traditional energy infrastructure.
BIDEN ADMINISTRATION STOKING HIGHER ENERGY PRICES WITH OIL AND GAS CRACKDOWN, JEC ANALYSIS SHOWS
Alex Reyes, 28, filled his gas tank, Nov. 15, 2021, in Los Angeles. (Al Seib / Los Angeles Times via Getty Images) (Al Seib / Los Angeles Times via Getty Images / Getty Images)
AAA spokesperson Andrew Gross told FOX Business that prices in states go up and down weekly and can easily shift positions on AAA's list of the top 10 states with the largest weekly increases. He also said that a variety of factors, including the tension between Ukraine and Russia, accounts for about half of what consumers are paying at the pump.
GAS PRICES IN THESE STATES SAW THE BIGGEST WEEKLY INCREASE
The price hike has prompted Democratic senators from key battleground states to propose temporarily eliminating the federal gas tax.
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Fox New's Daniella Genovese, Megan Henney and Paul Steinhauser contributed to this report.