Congress is looking into ways to help Americans deal with rising gas prices. As of Mar. 17, AAA pegged the average gallon of gas at $4.29. While oil prices have declined in recent days, gas prices have not, so the House has called on oil executives to testify as it looks into possible price gouging.
Rep. Frank Pallone (D-NJ) sent letters to six oil company executives, asking them to testify before the House Committee on Energy and Commerce on Apr. 6.
“As American families confront high gasoline prices caused by the volatility of global energy markets and Vladimir Putin’s unprovoked invasion of Ukraine, 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,” Pallone wrote. “Instead, the industry appears to be taking advantage of the crisis for its own benefit.”
“Here at home, I am proud to see reports this week that nearly 80 percent of Americans support Russian sanctions even if gasoline prices rise, but the financial sacrifices made by American families should be in service of the Ukrainian people, not oil company profits,” Pallone wrote.
Sen. Chuck Schumer (D-NY) said the Senate will also look into this issue. Members are working on other proposals to lower gas prices, including a gas tax holiday, direct payments to help offset the increase cost of gas, or even taxing oil companies and then disbursing that tax revenue to Americans struggling to make ends meet.
“By keeping domestic oil production low and funneling revenue back to investors and executives, the oil industry is keeping energy prices—and profits—artificially high,” Pallone wrote. “And this is all happening at the same time the industry is taking advantage of generous production tax incentives provided by American taxpayers.”
While these options are being considered, none have been agreed upon. Any bill would still have to pass both chambers of Congress before becoming law.