Pascrell accuses oil and gas companies of ‘robbing’

‘Oil companies are inflating gas prices — no doubt about it’

Ted Goldberg | August 24, 2022 | Business

It’s gotten cheaper to fill up your gas tank, as prices have dropped from recent record highs. But following the release of a report on gas prices by a House Ways and Means subcommittee, which Rep. Bill Pascrell (D-NJ) chairs, the congressman is accusing 11 oil and gas companies of price gouging. The report is only targeting the oil companies; it doesn’t accuse individual gas station franchisees of manipulating the price of gas.

“We need a new word. How about ‘robbing’?,” Pascrell said. “Instead of a traditional supply-and-demand economic model, where we’d expect to see these companies ramping up production and refining to meet rising demand for gas, they’re using their profits to buy back their own stock to further pad the profits of their executives and shareholders.” Pascrell said he hopes the report leads to cheaper gas and cost savings all around.