For the second time in six months top executives from some of the world's largest oil...
President Joe Biden announed that 1 million barrels of oil per day would be drawn from the nation’s Strategic Petroleum Reserve for a period of six months to help lower skyrocketing gasoline prices.top executives from some of the world's largest oil companies are being called before Congress, this time to answer questions about rising fuel prices and the profits they are generating for oil companies.
"Oil companies, on the other hand, are making significant profits, with the six companies testifying at this hearing collectively generating more than $76 billion in profit in 2021."High fuel prices and their trickle over effect on the wider economy have become a growing point of tension in Washington, as Democrats and Republicans square off on the cause of the spike.
"They told the American people they would do this and they kept their promise," he said."And now Democrats discovered they have a problem.", as nations worldwide lift public health restrictions for Covid-19 and economies come back to life. But the drop off in investment during the pandemic, when oil prices fell to historic lows, means that production has yet to catch up.
In the House, that message is being taken up by Democrats, with members calling on oil companies to suspend stock buyback programs and dividends while the war in Ukraine is ongoing.
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