AOC demands 'consequences' for big oil 'profiteering'; industry claps back with an economics lesson

Progressive Democrats are accusing oil companies of "profiteering" and are demanding they face "consequences" for high prices at the pump as the price of crude oil fell below $100 on Monday and continued to decline Tuesday. But the industry has fired back, saying these Democrats are "grandstanding" instead of proposing solutions to the gas crisis.

Rep. Alexandria Ocasio-Cortez (D-N.Y.) on Monday responded to MSNBC host Stephanie Ruhle, who asked "what's going on" with gas prices averaging $4.32 per gallon on Monday while the price of crude oil dropped 8% and fell below $100 per barrel. "Profiteering. And there should be consequences for it," the congresswoman replied.

Fellow "squad" member Rep. Ilhan Omar (D-Minn.) echoed her comments, writing, "Big oil CEOs need to be held accountable for profiteering, this can’t stand."

And another congressman, Rep. Mondaire Jones (D-N.Y.), accused oil companies of "price-gouging" and said, "Congress must pass legislation to stop it."