Oil Executives Reject Price-Gouging Accusations https://www.wsj.com/articles/gas-prices-oil-executives-take-center-stage-at-congressional-hearing-11649237401
WASHINGTON—Top oil company executives wrangled with House lawmakers Wednesday over high gasoline prices, rejecting claims by Democrats that they are taking advantage of a global crisis to gouge consumers.
Over a six-hour hearing, Democrats on a House oversight panel castigated executives from Exxon Mobil Corp. [US:XOM], Chevron Corp. [US:CVX] and other oil giants for raking in historically high profits while slowing their investment in U.S. production.
The company leaders countered that prices were driven by Russia’s invasion of Ukraine, restrictive U.S. energy policies and supply-chain shortages slowing down the industry.
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