House Democrats Demand Oil Companies Answer for High Gas PricesDemocratic lawmakers call oil company executives to testify before Congress: “It’s time we get to the bottom of why oil companies are content to watch Americans suffer.”
By Main Street Sentinel Staff
As gas prices have soared, oil companies have raked in record profits. Now, House Democrats are demanding that US oil executives address evidence that they have been taking advantage of American consumers.
Democratic Representatives Frank Pallone and Diana DeGette have called a Congressional hearing on how the oil industry’s business practices are impacting gas prices. Executives from ExxonMobil, Shell USA, BP America, Chevron, Devon Energy, and Pioneer Natural Resources will testify.
In a letter to industry leaders, Pallone wrote: “By keeping domestic oil production low and funneling revenue back to investors and executives, the oil industry is keeping energy prices—and profits—artificially high.”
Experts have pointed to evidence that the oil industry is engaging in price-gouging: As the war in Ukraine has driven up the price of crude oil – the main component of gasoline – US oil companies have failed to ramp up domestic production to lower prices. And, while there is typically a 95 percent correlation between crude oil and gas prices, in recent months gas prices have remained sky-high even when crude prices have dipped.
“While American families struggle to shoulder the burden of rising gas prices from Putin’s war on Ukraine, fossil fuel companies are not doing enough to relieve pain at the pump, instead lining their pockets with one hand while sitting on the other,” said Pallone and DeGette.
They added: “It’s time we get to the bottom of why oil companies are content to watch Americans suffer so that their shareholders and executives can reap enormous profits.”