House Democrats on Wednesday requested that executives from a half-dozen major oil companies testify before lawmakers over high gasoline prices.
The House Energy and Commerce Committee sent letters to the executives of BP, Chevron, Devon Energy Corporation, ExxonMobil, Pioneer Natural Resources and Royal Dutch Shell requesting their appearance for an April 6 hearing.
“As American families confront high gasoline prices caused by the volatility of global energy markets and Vladimir Putin’s unprovoked invasion of Ukraine, I am deeply concerned that the oil industry has not taken all actions within its power to lower domestic gasoline prices and alleviate Americans’ pain at the pump,” the panel’s chairman, Rep. Frank Pallone, New Jersey Democrat, wrote to the executives. “Instead, the industry appears to be taking advantage of the crisis for its own benefit.”
Democrats have blamed a record high price at the pump on price gouging by large energy corporations. The energy industry has said the prices are controlled by the oil market and other economic factors and are not as easily manipulated as politicians sometimes contend.
Mr. Pallone accused the executives of prioritizing profits, dividends and stock buybacks in the wake of record-high industry profits after oil and gasoline prices rebounded in 2021 from record-lows during the COVID-19 pandemic.
“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,” Mr. Pallone wrote. “And this is all happening at the same time the industry is taking advantage of generous production tax incentives provided by American taxpayers.”
Senate Majority Leader Charles E. Schumer, New York Democrat, said the Senate will also be seeking testimony from oil executives in the near future.
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