May 20, 2022

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The US Congress wants to hear from oil companies about rising prices

The US Congress wants to hear from oil companies about rising prices

The US Congress wants to hear about rising prices from oil and energy companies and the artificial maintenance of those prices. Shell, ExxonMobil, Chevron, BP, Pioneer Natural Resources and Devon Energy come to Congress next month to explain the matter.

The inquiry was initiated by Democrat Frank Ballon Jr., chairman of the Committee on Energy and Commerce. Ballon blames the oil industry for artificially stabilizing prices and profits. Companies do this by keeping domestic oil production low and returning returns to investors and executives. This is stated in the letter he sent to the top executives of the companies.

Follow the latest news about the war in Ukraine on our live blog

Tax benefits

Ballon also believes that companies are benefiting more from tax breaks for oil production. Those benefits will eventually come out of the pockets of US taxpayers, the congressman said.

Ask this too | The United States has banned Russian fuel imports

Political pressure on the U.S. oil industry has recently increased to explain the limited production of crude oil in the country. This is due to the rise in oil prices and the war in Ukraine. The United States recently announced that it will stop importing fossil fuels from Russia due to the invasion of Ukraine.

Give proof

Democrat Senate President Chuck Schumer on Wednesday lamented the “dazzling mismatch between lower oil prices and rising energy prices.” Schumacher also warned that top figures in the big oil companies would be called to testify before Congress. The trial is set to begin on April 6.

Read also | Shell is getting even more financial blows as it exits Russia

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