Oil execs agree to testify before House lawmakers about rising gas prices, but key players left out
Gas prices were increasing before Russia’s invasion of Ukraine
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Executives from some of the country’s largest oil companies have agreed to testify before House lawmakers next week about record-high gas prices.
The House Committee on Energy and Commerce said on Tuesday executives from BP America, Chevron, Devon Energy Corp., ExxonMobil Corp., Pioneer Natural Resources Co., and Shell USA, will participate in the House hearing.
Gas prices are posted at the United Oil gas station in Los Angeles on March 23, 2022. (AP Photo/Damian Dovarganes)
The House Energy and Commerce Committee will hold the hearing. Its chair, Rep. Frank Pallone, D-N.J., has accused oil companies of profiting off Russia’s invasion of Ukraine while Americans suffer at the pump.
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"While American families struggle to shoulder the burden of rising gas prices from Putin’s war on Ukraine, fossil companies are not doing enough to relieve pain at the pump, instead lining their pockets with one hand while sitting on the other," Pallone said in a joint statement with Overnight and Investigations Subcommittee Chair Diana DeGette, D-Colo.
The April 6 hearing notably does not include the nation's two largest refineries, Texas-based Marathon or Valero, or the owner of the largest refinery in America, Saudi Aramco. Refining is a key step between oil production and the gas pump.
Pallone sent a letter to six oil and gas companies earlier this month suggesting that the industry may be taking advantage of the war in Ukraine to increase profits.
Gas prices, all over the $5 per gallon mark, are displayed at a gas station in Rancho Cordova, Calif., Monday, March 7, 2022. (AP Photo/Rich Pedroncelli)
"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," he said. "Instead, the industry appears to be taking advantage of the crisis for its own benefit."
The national average for a gallon of regular gasoline stabilized over the weekend and is sitting at $4.24 as of Tuesday, according to AAA.
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Gas prices, driven by strained supply and increased demand, were increasing before Russia’s invasion of Ukraine in February, though the conflict pushed prices to levels not seen in over a decade.
FOX Business’ Daniella Genovese contributed to this report.