{"id":1388243,"date":"2022-03-18T12:14:17","date_gmt":"2022-03-18T16:14:17","guid":{"rendered":"http:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1388243"},"modified":"2022-03-18T12:15:04","modified_gmt":"2022-03-18T16:15:04","slug":"democrats-up-pressure-on-big-oil-to-answer-for-alleged-profiteering-as-americans-blame-biden-for-gas-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-up-pressure-on-big-oil-to-answer-for-alleged-profiteering-as-americans-blame-biden-for-gas-prices\/","title":{"rendered":"Democrats Up Pressure On Big Oil To Answer For Alleged Profiteering As Americans Blame Biden For Gas Prices"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdemocrats-up-pressure-on-big-oil-to-answer-for-alleged-profiteering-as-americans-blame-biden-for-gas-prices%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1388243&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><ul>\n<li><strong>House Democrats are putting more pressure on oil corporations to appear in upcoming hearings as Democratic leadership attempts to shift the blame on rising gasoline prices.<\/strong><\/li>\n<li><strong>President Joe Biden accused oil companies of padding their profits by keeping gasoline prices high while oil prices decreased, in a tweet Wednesday.<\/strong><\/li>\n<li><strong>\u201cWhen it comes to oil and gas prices, many accept that gas prices rise quickly but fall slowly \u2014 the so-called \u2018rockets-and-feathers\u2019 phenomenon,\u201d White House press secretary Jen Psaki told reporters later in the day. \u201cBut President Biden rejects that. Americans deserve relief, and fast, as oil prices fall.\u201d<\/strong><\/li>\n<\/ul>\n<p>House Democrats are putting more pressure on oil corporations to appear in upcoming hearings as Democratic leadership attempts to shift the blame on rising gasoline prices.<\/p>\n<p>House Natural Resources Committee Chairman Ra\u00fal Grijalva <a href=\"https:\/\/naturalresources.house.gov\/media\/press-releases\/chair-grijalva-invites-fossil-fuel-executives-to-testify-on-increased-gas-prices-amid-industrys-record-profits-unused-drilling-permits\">sent letters<\/a> to executives of three mid-size U.S. oil corporations \u2014 EOG Resources, Devon Energy Corporation and Occidental Petroleum \u2014 on Friday, asking them to appear before the panel in early April to discuss rising gasoline prices. The hearing will focus on the companies\u2019 rising profits and executives\u2019 comments that the Biden administration is at fault for high gasoline prices.<\/p>\n<p>Democrats also plan to grill the CEOs on why they aren\u2019t utilizing many federal leases on which they could immediately drill, Politico <a href=\"https:\/\/www.politico.com\/newsletters\/playbook\/2022\/03\/18\/a-retiring-moderate-democrat-unloads-on-the-party-00018430\">reported<\/a>. Industry groups have <a href=\"https:\/\/dailycaller.com\/2022\/03\/07\/white-house-oil-gas-leasing-russia-ukraine\/\">pushed back on this argument<\/a>, saying that most leases are being used and unused ones have little resources to extract or are being held up by lawsuits and permitting.<\/p>\n<p>\u201cWhile there is no denying that Putin\u2019s war has led to instability on global energy markets, I remain concerned that the oil industry is not doing enough to protect American consumers from rising gas prices,\u201d Grijalva <a href=\"https:\/\/naturalresources.house.gov\/imo\/media\/doc\/EOG%20Resources-Devon%20Energy-Occidental%20Invitation%20to%20Testify_Merged.pdf\">wrote<\/a> to the CEOs on Friday.<\/p>\n<p>In the wake of Russia\u2019s military invasion of Ukraine, <a href=\"https:\/\/dailycaller.com\/2022\/02\/24\/crude-oil-prices-100-per-barrel-russia-ukraine\/\">global crude oil<\/a> and <a href=\"https:\/\/dailycaller.com\/2022\/03\/07\/gasoline-prices-all-time-high-russia-white-house\/\">gasoline prices<\/a> have skyrocketed on market uncertainty. The average price of gasoline in the U.S. peaked near $4.33 per gallon last week and has since declined, AAA data <a href=\"https:\/\/gasprices.aaa.com\/\">showed<\/a>. <strong><a href=\"https:\/\/dailycaller.com\/2022\/03\/16\/ro-khanna-climate-change-domestic-oil-production-russia\/\">(RELATED: Top Climate Democrat Says US Needs More Domestic Oil Production In \u2018Short Term\u2019)<\/a><\/strong><\/p>\n<p>On Wednesday, House Energy and Commerce Committee Chairman Frank Pallone <a href=\"https:\/\/energycommerce.house.gov\/newsroom\/press-releases\/pallone-asks-oil-company-executives-to-testify-and-answer-for-rising-gas\">sent<\/a> letters of his own to CEOs of four Big Oil companies \u2014 ExxonMobil, BP, Shell and Chevron \u2014 as well as Pioneer Natural Resources and Devon Energy Corporation. He asked them to testify at a committee hearing on April 6.<\/p>\n<p>ExxonMobil and Chevron said they were aware of the letters and reviewing the request in statements to the Daily Caller News Foundation.<\/p>\n<div id=\"attachment_7394101\" class=\"wp-caption alignnone\">\n<p id=\"caption-attachment-7394101\" class=\"wp-caption-text\">Oil drilling rigs work in the Permian Basin oil field on March 13 in Midland, Texas. (Joe Raedle\/Getty Images)<\/p>\n<\/div>\n<p>Senate Democrats also suggested the Budget Committee which Vermont Sen. Bernie Sanders chairs would hold similar hearings in the future, <a href=\"https:\/\/www.businessinsider.com\/democrats-oil-ceos-testify-price-gouging-manchin-in-favor-2022-3\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to Insider.<\/p>\n<p>Beyond calling oil executives to answer their questions under oath, Democratic lawmakers have also <a href=\"https:\/\/dailycaller.com\/2022\/03\/10\/democrats-aim-to-increase-taxes-on-big-oil-amid-record-gas-prices\/\" target=\"_blank\" rel=\"noopener noreferrer\">proposed<\/a> a new windfall tax that would create a rebate for consumers as prices increased. Rhode Island Sen. Sheldon Whitehouse, one of the proposal\u2019s architects, said oil companies were \u201ctaking advantage of an international crisis.\u201d<\/p>\n<p>President Joe Biden similarly accused oil companies of padding their profits by keeping gasoline prices high while oil prices decreased, in a <a href=\"https:\/\/twitter.com\/POTUS\/status\/1504073842871963653\">tweet<\/a> Wednesday. The tweet included a graph showing gas prices staying high as oil prices fell.<\/p>\n<p>However, the benchmark U.S. oil index has <a href=\"https:\/\/markets.businessinsider.com\/commodities\/oil-price?type=wti\">increased<\/a> about $8 per barrel since the president\u2019s tweet. <strong><a href=\"https:\/\/dailycaller.com\/2022\/03\/17\/congressional-progressive-caucus-executive-action-agenda-joe-biden\/\">(RELATED: Left-Wing Democrats Ask Biden To Cancel Oil Drilling On Federal Lands, Declare \u2018Climate Emergency\u2019)<\/a><\/strong><\/p>\n<p>\u201cWhen it comes to oil and gas prices, many accept that gas prices rise quickly but fall slowly \u2014 the so-called \u2018rockets-and-feathers\u2019 phenomenon,\u201d White House press secretary Jen Psaki <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2022\/03\/16\/press-briefing-by-press-secretary-jen-psaki-march-16-2022\/\">told<\/a> reporters later in the day. \u201cBut President Biden rejects that. Americans deserve relief, and fast, as oil prices fall.\u201d<\/p>\n<p>\u201cI will reiterate what the President said to oil and gas companies last week: The invasion of Ukraine and the volatility of the oil market is no excuse for excessive price increases, profit padding, or any effort to exploit American consumers,\u201d she added.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Oil prices are decreasing, gas prices should too.<\/p>\n<p>Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it\u2019s $4.31.<\/p>\n<p>Oil and gas companies shouldn\u2019t pad their profits at the expense of hardworking Americans. <a href=\"https:\/\/t.co\/uLNGleWBly\">pic.twitter.com\/uLNGleWBly<\/a><\/p>\n<p>\u2014 President Biden (@POTUS) <a href=\"https:\/\/twitter.com\/POTUS\/status\/1504073842871963653?ref_src=twsrc%5Etfw\">March 16, 2022<\/a> <\/p>\n<\/blockquote>\n<p>Several experts, though, have pushed back against the allegations, <a href=\"https:\/\/twitter.com\/Bob_McNally\/status\/1504080523626528782\">saying<\/a> that there is a lag time between oil prices falling and prices at the pump following. A 2014 Energy Information Administration report also <a href=\"https:\/\/www.eia.gov\/analysis\/studies\/gasoline\/pdf\/gasolinepricestudy.pdf\">noted<\/a> that gas prices generally follow suit \u201cwithin two weeks of the price change.\u201d<\/p>\n<p>\u201cIt\u2019s the manner in which the business of gasoline distribution operates, where there is ALWAYS a lag between oil prices and pump prices,\u201d Dallas Federal Reserve energy economist Garret Golding <a href=\"https:\/\/twitter.com\/gjgolding\/status\/1504093108253999105\">tweeted<\/a> on Wednesday.<\/p>\n<p>\u201cAfter any oil price surge, stores are cautious with how quickly they drop their prices, fearing oil prices could jump up again,\u201d he <a href=\"https:\/\/twitter.com\/gjgolding\/status\/1504093118743855114\">continued<\/a>. \u201cHistorically it happens very slowly.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2022\/03\/17\/fifth-circuit-appeals-court-joe-biden-social-cost-climate\/\">(RELATED: Appeals Court Reinstates Biden Climate Policy, Opening Door For More Regulation)<\/a><\/strong><\/p>\n<p>Phil Verleger, a senior climate fellow specializing in industry analysis at the Niskanen Center, said that the more than 100 investigations and legal challenges brought by federal regulators, consumers and states alleging that oil companies were price gouging have all \u201cflopped,\u201d USA Today <a href=\"https:\/\/www.usatoday.com\/story\/money\/2022\/03\/07\/gas-prices-gouging-oil-companies\/9412322002\/?gnt-cfr=1\">reported<\/a>. In November, Biden <a href=\"https:\/\/dailycaller.com\/2021\/11\/17\/joe-biden-federal-trade-commission-gasoline-prices-big-oil\/\">asked<\/a> the Federal Trade Commission to open a fresh probe into the industry\u2019s alleged profiteering.<\/p>\n<p>Overall, 30% of Americans pinned surging pump prices on Biden while 23% said oil companies were to blame, <a href=\"https:\/\/www.scribd.com\/document\/564786637\/20220314-Yahoo-Tabs-Ukraine\">according<\/a> to a recent survey conducted by Yahoo News and polling firm YouGov. A whopping 77.3% of American voters said Biden should increase domestic production in light of the Ukraine crisis, a poll from The Trafalgar Group <a href=\"https:\/\/www.thetrafalgargroup.org\/news\/nat-issues-us-energy-0313\/\">found<\/a>.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>House Democrats are putting more pressure on oil corporations to appear in upcoming hearings as Democratic leadership attempts to shift the blame on rising gasoline prices. President Joe Biden accused<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1388243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1388243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1388243"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1388243\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1388243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1388243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1388243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}