Executives from major oil companies defended themselves at a U.S. House hearing on high gasoline prices, as Democratic lawmakers asked pointed questions. U.S. drivers last month paid record-high prices for gasoline.
Executives from major oil companies defended themselves on Wednesday at a U.S. House hearing on high gasoline prices, as Democratic lawmakers asked pointed questions.
“So for example, the price of oil that’s entering a refinery could have been purchased at a higher price, and therefore that price then flows through all the way to the station. It’s not necessarily an instantaneous market.” Woods also said ExxonMobil expects its total oil production this year will be the highest in 15 years.
During his question-and-answer period, Pallone asked the industry leaders to commit to both increasing production and reducing stock buybacks and dividend payments, but largely wasn’t able to get such a commitment on the buybacks and dividends.
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