CEOs of Exxon, BP, Chevron and Shell grilled at House hearing on high gas prices, windfall profits
Democrats are trying to deflect blame for consumers’ pain at the pump, asserting that Russia’s invasion of Ukraine doesn’t justify the prolonged hikes.
That helped create the current supply-and-demand imbalance that has no quick fix, he said, considering the industry must spend substantially every year just to keep production at the same level. He was joined at the witness table by representatives of BP America, Inc., Chevron Corporation, Devon Energy Corporation, Pioneer Natural Resources Company and Shell USA, Inc.
Democrats have countered in part by highlighting the role of the economic rebound and Russia’s invasion of Ukraine in driving up gas prices. Wednesday’s hearing could help lay a foundation for legislation in that vein and other proposals, such as instituting new windfall taxes on the industry and using that money to provide relief to consumers.
“We’re here to get answers from the big oil companies about why they’re ripping off the American people,” Pallone said. “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.”
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