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AP National Business

Democrats accuse oil companies of ‘rip off’ on gas prices

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Published 11:51 AM

By MATTHEW DALY
Associated Press

WASHINGTON (AP) — House Democrats are accusing oil companies of “ripping off the American people” and putting profits before production as Americans suffer from higher gasoline prices amid the war in Ukraine. Oil executives, testifying before Congress for the second time in six months, responded that oil is a global market and that oil companies don’t dictate prices. The hearing comes as President Joe Biden has ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control prices. Republican Rep. Cathy McMorris Rodgers of Washington blamed Biden for the increase.

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