Pitchfork Economics with Nick Hanauer How Big Oil Rigged the System and Stuck You With the Bill (with Faiz Shakir)
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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.
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Gas Prices and Election Outcomes
- High gas prices fueled anger towards the Biden administration's economic policies.
- This anger contributed to potential election outcomes.
Oil Price-Fixing Conspiracy
- An oil price-fixing conspiracy added significant costs to every American, about $1,000 yearly.
- This conspiracy involved oil companies and impacted inflation.
Pandemic Price Gouging
- U.S. shale producers colluded with the Saudi government to inflate oil prices.
- This happened during the pandemic.