Pitchfork Economics with Nick Hanauer

How Big Oil Rigged the System and Stuck You With the Bill (with Faiz Shakir)

Nov 19, 2024

Faiz Shakir, Executive Director of A More Perfect Union and former campaign manager for Bernie Sanders, joins the discussion on corporate greed in the oil industry. He reveals a shocking oil price-fixing conspiracy between U.S. companies and OPEC that has cost American families up to $1,000 annually. Shakir emphasizes the need for stronger regulatory oversight and enforces harsher penalties against market manipulation. The conversation sheds light on fair competition and the critical importance of legal compliance in safeguarding consumer rights.

36:43

Episode guests

Faiz Shakir

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Episode notes

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Quick takeaways

The oil price-fixing conspiracy between major companies and OPEC contributed significantly to inflation, costing American families between $500 and $1,000 annually.

Increased regulatory oversight and harsher penalties are essential to protect consumers from corporate malpractice and ensure fair market practices.

Deep dives

The Flaws of Top-Down Economics

Current economic crises, such as rising inequality and political instability, are fundamentally linked to decades of flawed economic theories. A shift towards middle-out economics is proposed as a solution, emphasizing that a thriving middle class is key to a robust economy. This concept suggests that economic growth should originate from the middle class rather than being driven solely by the wealthiest individuals or corporations. The argument is rooted in the belief that as the middle class succeeds, it benefits everyone in the economy, including the affluent.

Intro

2min

Oil's Dark Side: Conspiracies and Corporate Greed

7min

The Oil Price Conspiracy

8min

Fairness and Competition in the Market

16min

The Critical Importance of Legal Compliance in Business Practices

2min

Reassessing Oil Industry Regulation and Media Priorities

2min

This week, Nick And Goldy are joined by Faiz Shakir, Executive Director of A More Perfect Union, to discuss the shocking revelation of an international oil price-fixing conspiracy. Their conversation explores how the collusion between American oil companies and the foreign nations that make up OPEC significantly contributed to inflation, costing American families between $500 and $1,000 annually. Shakir explains how the Federal Trade Commission uncovered this conspiracy and highlights the urgent need for increased regulatory oversight and harsher penalties to protect consumers from corporate malpractice.

Faiz Shakir is the Executive Director of the nonprofit education, advocacy, and journalism organization, More Perfect Union, and former campaign manager of Senator Bernie Sanders’ 2020 Presidential Campaign. Prior to his work with Senator Sanders, Shakir held various leadership positions within the Democratic Party and progressive organizations, working to advance social and economic justice issues.

Social Media:

@faiz.bsky.social

@fshakir

@perfectunion

@moreperfectunion.bsky.social

@MorePerfectUS