Oil CEOs testify to Congress: 'We do not control the market price of oil'

  • 📰 HoustonChron
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

U.S. oil executives sought to defuse tensions with Democrats over rising fuel prices in a...

and Democrats to increase oil production, with the House Energy and Commerce Committee's hearing Wednesday entitled,"Gouged at the gas station: Big Oil and America's pain at the pump."

"We understand oil is a global commodity," she said."But here's the thing, if the price of gas is driven by the global market, why are fuel prices still at record highs? Something doesn't add up." Pioneer Natural Resources CEO Scott Sheffield testified how financing had become increasingly difficult to come by following the 2014 oil price crash.

Devon Energy CEO Richard Muncrief said supply chain holdups and worker shortages were causing delays in bringing wells into production.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

That s correct. They also do not control the supply.

If they wanted to act as good citizens- and not war profiteers… oil produced in America could be sold for refining ( gasoline ) and sold in America at production cost plus X profit , instead of XXX profit ..

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 609. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

A message to Biden: We need more oil, let companies produce more oilPresident Biden is attacking oil companies for failing to do exactly what his administration has been preventing them from doing since he took office – increasing oil production. BOYCOTT FOX NEWS. Sometimes brandon needs to hear the obvious
Source: FoxBusiness - 🏆 458. / 53 Read more »