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CEOs To Take Questions On Energy Prices Shortly

ENERGY SECURITY

The House hearing on 'price gouging' by energy companies is underway. CEOs are now delivering prepared statements and will take questions from House reps imminently.

  • A livestream can be followed: Here.
  • Rep Diana DeGette (D-CO) claims there is a disconnect between the price of oil and the price of gasoline at the pump. She claims that oil companies are profiting from high oil prices at the expense of the consumer.
  • Rep Frank Pallone (D-NJ): says energy companies banked USD$75 billion profits in 2022 and this is set to rise in 2023.
  • Opening remarks from GOP attributes blame on the Biden administration. The main arguments are the cancellation of the Keystone XL pipeline, a moratorium on exploration, and a 'rushed green agenda.'
  • Rep Cathy Rodgers (R-WA): 'This committee meeting is merely political.' She says that Biden is trying to distract from negative effects of 'bad Biden administration policies.'
  • CEOs appearing in front of the committee: Darren Woods (Exxon Mobil), David Lawler (BP America), Michael K. Wirth (Chevron), Gretchen Watkins (Shell), Richard E. Muncrief (Devon Energy), Scott Sheffield (Pioneer).
  • The general line from CEOs: Energy prices are dictated by global markets and it is beyond the control of energy companies to restrain prices.

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