Rep. Mark Pocan (D-WI) said Friday on C-Span’s “Washington Journal” that oil companies have been engaging in price gouging “for over a year now.”
As proof of the gouging, Pocan noted the “significant drop” in oil prices just after President Joe Biden announced that he would withdraw millions of barrels of oil from the strategic reserve.
He accused the companies of raising prices artificially last March, when Texas experienced instability in its power grid. “The next thing you know, gas prices shot up and they never went down,” he said.
Pocan also said Congress had recordings from oil executives in which they refused to cut production in order to get larger profits.
“We should really put some pressure on them,” Pocan said. “All it took was the president to say he was going to release more oil and the price per barrel went down significantly.
Read the full story here.