WASHINGTON (AP) — House Democrats on Wednesday accused oil companies of “ripping off the American people” and putting profits before production as Americans suffer from ever-incre…
WASHINGTON (AP) — House Democrats on Wednesday accused oil companies of “ripping off the American people” and putting profits before production as Americans suffer from ever-increasing gasoline prices during the war in Ukraine. “At a time of record profits, Big Oil is refusing to increase production to provide the American people some much needed relief at the gas pump,” said Rep. Frank Pallone, D-N.J., chairman of the House Energy and Commerce Committee. Oil executives, testifying before Congress for the second time in six months, responded that oil is a global market and that oil companies don’t dictate prices. “We do not control the market price of crude oil or natural gas, nor of refined products like gasoline and diesel fuel, and we have no tolerance for price gouging,” said Chevron CEO Michael Wirth. The hearing comes as President Joe Biden has ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices, which have spiked as the United States and its allies have imposed steep sanctions on Russia over its invasion of Ukraine. The national average gas price was $4.16 a gallon for regular on Wednesday, up from $2.87 a year ago, according to AAA. Biden and other Democrats have blamed Russian President Vladimir Putin and the U.S. oil industry for the increase, citing reports that oil companies have made record profits in recent months as prices have risen following Russia’s invasion of Ukraine. “This is the Biden price hike,” countered Rep. Cathy McMorris Rodgers of Washington state, the committee’s top Republican. Noting that prices were increasing before Russia invaded Ukraine in late February, McMorris Rodgers said Americans “are too smart and have not fallen for this” claim by Biden and other Democrats. She called the hearing “purely political.” ExxonMobil CEO Darren Woods said his company has halted investments in Russia and is withdrawing from operations there.
