U.S. House panel to hold hearing on gas prices with oil company CEOs
WASHINGTON, March 29 (Reuters) - A House of Representatives panel on Wednesday will hold a hearing with six senior oil company executives on soaring gas prices since Russia invaded Ukraine.
The hearing by a House Energy and Commerce subcommittee, "Gouged at the Gas Station: Big Oil and America’s Pain at the Pump," will include the CEOs of Chevron Corp (CVX.N), Devon Energy Corp (DVN.N), Exxon Mobil Corp (XOM.N)and Pioneer Natural Resources Co (PXD.N), along with the president of Shell USA (SHEL.L) and the chairman and president of BP America Inc (BP.L).
House Energy and Commerce chair Frank Pallone and Representative Diana DeGette, who chairs the oversight and investigations subcommittee, said in a joint statement, "Fossil fuel companies are not doing enough to relieve pain at the pump, instead lining their pockets with one hand while sitting on the other.
"It’s time we get to the bottom of why oil companies are content to watch Americans suffer so that their shareholders and executives can reap enormous profits," they said.
Most of the companies scheduled to appear did not immediately respond to requests for comment or declined comment. BP confirmed it would participate but declined comment.
The American Petroleum Institute said Tuesday, "There are many factors behind rising energy costs, from geopolitical volatility and supply chain constraints to policy uncertainty and mixed signals from Washington."
U.S. gas prices have eased since reaching a record of $4.331 a gallon on March 11, but remained at $4.244 Tuesday, according to American Automobile Association data.
Last week, White House spokeswoman Jen Psaki said President Joe Biden and advisers "are working overtime right now to evaluate and examine a range of domestic options."
Some Democrats in Congress have proposed a windfall profits tax for oil companies, while others want to suspend the federal gas tax through the end of the year.
Republicans blame Biden's energy policies for high prices.
The Biden administration has urged energy companies to boost U.S. crude output from the current 11.6 million barrels per day, but analysts say that would not be easy.
Our Standards: The Thomson Reuters Trust Principles.