JUNE CPI REPORT DOESN’T REFLECT OIL COMPANY PRICE GOUGING OR RECENT FALLING GAS PRICES; DOES SHOW URGENCY TO PASS RECONCILIATION & LOWER COSTS

FOR IMMEDIATE RELEASE 
July 13th, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

 JUNE CPI REPORT DOESN’T REFLECT OIL COMPANY PRICE GOUGING OR RECENT FALLING GAS PRICES; DOES SHOW URGENCY TO PASS RECONCILIATION & LOWER COSTS

Congress Must Lower the Cost of Prescription Drugs, Health Care, Energy and More

WASHINGTON, D.C. — In response to today’s CPI report, Invest in America’s senior adviser Zac Petkanas issued the following statement:

“America’s economy has made a tremendous comeback from the pandemic recession. Just last week, the White House announced that 100% of the jobs lost during the pandemic have returned and unemployment remains historically low.

“This June CPI report doesn’t address that progress. Nor does account for the weeks of falling gas prices and how oil companies have gouged consumers to rake in record profits far above the cost of a barrel of oil. 

“It does show that Americans are hurting because of pandemic supply shortages, Russia’s war on Ukraine, and plain corporate greed. That’s why it’s critical we do what President Biden outlined in his Wall Street Journal op-ed: pass a broad reconciliation package that combats high prices.

“The Senate is negotiating such a package right now that would lower costs like prescription drugs, energy, and health care. This report makes it clear – we cannot wait longer. Congress must act to lower costs and pass this reconciliation bill.”

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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