Rep. Frank Pallone, D-N.J., chairman of the Energy and Commerce Committee, is asking executives from six oil companies to testify about surging gas prices.
Pallone made his request in letters dated Wednesday. He is asking the executives to appear before his committee on April 6.
Pallone sent the letters to: Bernard Looney, chief executive officer for BP; Michael Wirth, CEO for Chevron; Darren Woods, CEO for ExxonMobil; Rick Muncrief, CEO of Devon Energy Corp.; Scott Sheffield, CEO of Pioneer Natural Resources; and Ben van Beurden, CEO of Royal Dutch Shell.
“I am concerned that the oil industry may be exploiting the war in Ukraine for its own economic gain,” Pallone said in the letters. “Oil companies are currently seeing record profits.
“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. Instead, the industry appears to be taking advantage of the crisis for its own benefit.
“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. And this is all happening at the same time the industry is taking advantage of generous production tax incentives provided by American taxpayers.”
Roll Call reported that Senate Majority Leader Chuck Schumer, D-N.Y., has accused oil and gas companies of possibly “price gouging.”
The outlet noted there is also interest from several Senate committees to host hearings on gas prices.
