Oil company execs testify on Capitol Hill about high gas prices [View all]
Source: KIRO 7 CBS
Members of a House Subcommittee grilled big oil executives Wednesday about the record high gas prices impacting drivers around the U.S.
Democrats questioned oil companies about posting some of their biggest profits ever while drivers are still feeling the hit at the pump.
“As oil prices rise and Americans are hurting, the six oil companies testifying today made more than $75 billion in profits between them last year,” said Rep. Frank Pallone Jr. (D-NJ). “All these profits while Americans are getting taken for a ride at the gas pump.”
“If the price of gas is driven by the global market, why is the price of oil coming down but the price at the pump is still near record highs?” said Rep. Diana DeGette (D-CO), Chair of the House Subcommittee on Oversight and Investigations. “If it’s an issue of supply and demand, wouldn’t that be reflected in the global price of oil as well? Something just doesn’t add up.”
Read more: https://www.msn.com/en-us/money/markets/oil-company-execs-testify-on-capitol-hill-about-high-gas-prices/ar-AAVVQzP
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