BATON ROUGE, La. (BRPROUD) — Gas prices have dropped 24 cents nationwide in the last few weeks. Many say that is not enough for the average American.
General Russel Honoré said gas business executives are making a fortune while the middle and working class are struggling to make ends meet and that should not be the case.
“The interesting thing is for every barrel of oil, you get about 20 gallons of gas and other petroleum from it. And that’s where the oil companies make their money,” said Honoré.
Louisiana drivers have been paying over four dollars for gas this summer. General Russel Honoré, a former commanding officer in the Army, said that is just plain wrong.
“The idea was we would keep it home to keep the prices low for our industry and keep the prices competitive for the home consumer. When we started to sell natural gas overseas, it has drawn up the price of heating and cooling here in Louisiana,” he continued.
Since 2014, the U.S. has been selling its natural gas but according to Honoré that has been hurting the working class in everything. Although Louisiana is an oil and gas-producing state, residents are still paying higher energy prices. Honoré said the gas executives are making a profit.
“33%. Imagine putting a dollar in the bank and tomorrow you get out a $1.33, that’s kind of ridiculous. Nobody lives in that world,” he explained.
Louisiana Oil and Gas Association President Michael Moncla disagrees with General Honoré. He said there is no evidence that supports what he is claiming.
“When we drill for oil, we sell that oil at the commodity price listed not set by us. Right now they’re having to buy it high. And when they do, it costs more for the end user,” Moncla explained.
They both agree the price of gas does drive our economy and it would be a little cheaper if natural gas stayed in the U.S. What does all of this mean for you at the pump? Gas prices will continue to go up and down for a long time.