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Six top executives from oil companies have been summoned to testify before the House Energy and Commerce Committee in April. This comes amid the gas price hike that many Americans are experiencing amid the Russia-Ukraine war.
Six top executives from oil companies have been summoned to testify before the House Energy and Commerce Committee in April. This comes amid the gas price hike that many Americans are experiencing amid the Russia-Ukraine war.
The chairman of the committee, Frank Pallone Jr., D-N.J., demanded that executives of six firms attend a discussion on April 6 to answer questions regarding the European conflict, their income, gas prices, stock buybacks, domestic oil production, and other corporate activities. A letter was sent to the said executives on Wednesday.
Oil Companies Urged to Testify in Congress Amid Gas Price Hike in the US
Pallone's letters follow Senate Majority Leader Chuck Schumer's accusations of "price gouging" by huge oil and gas firms on Wednesday. The letter noted that gas prices have remained high in recent days despite lower crude oil prices. Major oil industry officials should also be asked to testify before Congress, according to Schumer, Roll Call reported.
Following Russia's strike in Ukraine, President Joe Biden banned U.S. imports of Russian fossil fuel supplies. Democrats pushed to suspend the federal gas tax, while Republicans and moderate Democrats called for increased domestic oil and gas production.
BP, Chevron, Exxon Mobil, Devon Energy, Pioneer Natural Resources and Shell are the firms Pallone mentioned. According to a BP spokesperson, the corporation is looking into the request. Requests for feedback from the others were not immediately returned.
Early in March, oil prices surpassed $130 per barrel. Petrol prices in the United States climbed as well, averaging $4.33 per gallon on March 11, according to AAA, the automotive club. According to POLITICO, after prohibiting US imports of Russian oil and petroleum products last week, Biden attempted to divert blame for expected increased costs as a result of his policies. The preisdent referred to a prospective increase as "Putin's price hike."
Brent crude oil, the worldwide benchmark, was trading at $106 a barrel on Friday after briefly approaching $140 a barrel following Russia's invasion of Ukraine a few weeks ago. However, average gasoline prices were $4.27 per gallon on Friday. This is close to the previous high of $4.30 per gallon set just a few days earlier.
Joe Biden, Democrats Continue to Point Fingers on Gas Price Hike in the US
Following last week's ban on U.S. imports of Russian oil and petroleum products, Biden sought to deflect blame for anticipated cost increases by referring to a potential increase as "Putin's price hike."
President Joe Biden and other prominent Democrats blame today's sky-high gas prices on Vladimir Putin's invasion of Ukraine, suspected oil-company collusion, and even COVID-19. They refuse to accept responsibility for their own enormous blunder.
"It's simply not true that my administration or policies are holding back domestic energy production," President Biden remarked, revealing either an Olympic-level lack of self-awareness or a perjury-strength aptitude for lying, per New York Post.
Between Biden's inauguration and Putin's invasion, gas prices increased by 48.3%. The average gallon of ordinary gasoline hit a new high of $4.31 this week, up 81 percent since Biden took office. While Putin's brutality has aided in the rise of gas prices, he just added to the agony that Biden and the Democrats have already inflicted on the American people.
Read Article: Record-Breaking Gas Prices Won't Ease Anytime Soon; How Can President Joe Biden Help Americans?
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