.MaddowBlog: Not only will executives face questions about prices at the pump, it’s likely Democrats will press oil companies to explain why they haven’t increased production.
, President Joe Biden said, “Oil prices are decreasing, gas prices should too. Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it’s $4.31. Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans.”Senate Majority Leader Chuck Schumer said Wednesday his chamber would call big oil and gas executives to testify. He wants to know why the companies are enabling greater corporate stock buybacks rather than taking steps to cut the price of gas at the pump.
He added, “The CEOs of large oil and gas companies should be advised they’ll have to provide answers before the Senate very soon.”surprising. There’s an expression that’s existed for years in the world of energy and finance: “Up like a rocket, down like a feather.” The idea is, gas prices are notoriously quick to climb, but the descent is vastly slower and more gradual.
Politico’s report added, “There is normally a lag in the oil prices falling and movement on the gas front, but the question is how long that lag should last.”