Following Russia’s invasion of Ukraine, the price of gasoline in the United States reached its highest levels since July 2008, this while oil companies are reporting record profits.
The House Energy and Commerce Committee’s Oversight and Investigations Subcommittee hearing held a hearing on Wednesday titled Gouged at the Gas Station: Big Oil and America’s Pain at the Pump to investigate.
The six companies testifying at a House committee hearing this week collectively generating more than $76 billion in profit in 2021.
Rep. A. Donald McEachin (D-VA-04), a committee member, questioned executives from several Big Oil companies at the hearing, including BP, Shell, ExxonMobil, and Chevron, about the Keystone Pipeline and proposed federal tax holidays for the fossil fuel industry.
“Today’s hearing confirmed what I already suspected: Big Oil will not commit to pass on savings from federal tax cuts to the American people. It is a bad policy proposal, championed by some in the GOP Party, and it will not reflect in the price at the pump. The executives called before the committee confirmed as much,” McEachin said.
“We must take immediate action to address the issue and deliver relief to the American people. That’s why I am calling for direct rebates for the American people. Think of them like gas debit cards to offset the high prices consumers currently face. We cannot trust Big Oil to put the American people ahead of their own profiteering and corporate greed, so we must take the steps necessary to ensure Americans receive the relief they need,” McEachin said.
Story by Chris Graham
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