Sarbanes Calls Out Oil Companies for Price-Gouging [VIDEO]

Statement

Congressman John Sarbanes (D-Md.) today called out oil companies for taking advantage of Russia's invasion of Ukraine and our country's dependence on fossil fuels to make record profits, sending prices soaring at the pump.

In the Energy and Commerce Committee's Oversight and Investigations Subcommittee hearing entitled, "Gouged at the Gas Station: Big Oil and America's Pain at the Pump," Congressman Sarbanes pointed to oil companies' decisions to decrease production, keeping the oil supply artificially low and maximizing profits as the United States stood together with Ukraine and our allies to ban Russian oil and gas imports. He called on oil companies to fulfill their patriotic duty to provide relief to the American people and lower gas prices.

"Let me just say up front and put my cards on the table -- I don't trust you. I don't mean that in the sense that I question your personal integrity -- I don't, but I recognize your role. Your role is to lead large for-profit corporations that are looking to maximize the return to your shareholders. When I say I don't trust you, what I mean is I don't trust you not to take advantage of this situation to try to meet that goal," said Congressman Sarbanes.

He continued, "The fact of the matter is that your customers -- not just the generic consumer at the pump, […] these are your red-blooded, patriotic American customers. Many of whom, when interviewed, are saying, "We're willing to take a hit. We're willing to pay a little bit more to try to address this invasion.' They're stepping up. If you realize savings, don't you think it's the patriotic thing to do to pass that savings along?"

See below for a video of the Congressman's full remarks.

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