Skyrocketing gas prices in the US: Top oil executives to testify in House hearing

Facing charges by lawmakers against high fuel prices, U.S. Oil executives will be in the spotlight and justify the reasons behind the spike. In the Congressional Hearing on Wednesday, the 6 major Oil executives with chief executives of leading companies namely Exxon Mobil Corp, BP America, Chevron Corp, Shell USA, Pioneer, and Devon Energy Corp are to answer on high fuel prices that are almost about to touch records.

The pre-released testimony earlier puts the larger picture in the frame - The rise in the price of gasoline being an amalgamation of multiple factors and not just one as their defence. The U.S. House Energy and Commerce Committee are to address this in their hearing scheduled at 10:30 ET (20:00 Indian Time Zone). The Russian Ukrainian conflict, followed by multiple western sanctions has hit a new record in the international crude oil costs.

Diana DeGette holding a chair in the Subcommittee in her word with Reuters had mentioned with complete determination that it's important to understand the roots of this occurrence and the measures that need to be taken to put this all behind. The allegations on these big players are their rising profit balances with no concern whatsoever being given to the declining fuel stock and the domino effect on the inflation due to their current price charts.


The Republicans also blame US President Joe Biden for not encouraging further domestic production of crude to face challenges like the ones we face today with more strategic planning. The chair holders on both ends have been raising multifold arguments on who to hold accountable without any definitive trace or solution.

The companies are now to be scrutinized to further note if their unmonitored act of the rise in prices has been illegally pushed. These giants are to pay a huge penalty if proven guilty.