Data: FRED; Chart: Thomas Oide/Axios
23 ounces of AriZona iced tea is a lot of iced tea — it's 680 ml, or more than 90% of the liquid in a bottle of wine. And you can buy it for 99 cents in gas stations and corner stores across the country, the same price that it's been for 30 years.
Why it matters: The stubborn refusal of the drink's manufacturer to raise prices has everything to do with the fact that it's controlled and owned by a single billionaire, Don Vultaggio, who has no fiduciary duty to maximize profits or shareholder value.
