Thread by @AntoniaJuhasz

Beginning now, the CEOs of ExxonMobil, BP America, Chevron, Shell, Devon, and Pioneer Energy will testify before the U.S. House Committee on Energy & Commerce, addressing questions of price gouging and war profiteering.

Of concern to the committee is skyrocketing profits at a time of rising gas prices and war. In the first quarter of 2022 vs 2021, the profits of the leading oil companies increased by 288% ExxonMobil, 540% Chevron, 201% ConocoPhillips, 50% BP, 4872% Marathon, and
134% Shell.

Chairman Pallone reminds the oil company CEOs testifying at today's hearing on price gouging that they cannot claim that they have no control over gas prices, explaining: "You set the wholesale price and that sets the retail price."

Pallone calls for increased domestic production. But, that reveals a contradiction. If the problem is price-gouging on the wholesale and retail price, than increased production won't address that problem - because the problem in the U.S. market is not one of a lack of supply.

Supply of U.S. gasoline stocks are higher today than they were at this time last year via EIA data (230,544 thousands of barrels in the week ending March 26, 2021 vs 238,828 in the week ending March 25, 2022). The problem isn't supply, so more production isn't the answer.

After @FrankPallone grills oil corp CEOs on their commitment to increase oil and gas drilling "dramatically" (they all say yes), @RepAnnieKuster is the first member to stress the importance of energy independence by getting off oil now & promoting investments in renewable energy.

It's a bit of bizarro-land to hear Republicans and so many Democrats united with the oil company CEOs in a desire to ramp up domestic oil & gas production, particularly after yesterday's #IPCC report reiterating the necessity of ending fossil fuels to confront the climate crisis.

.@RepPaulTonko sought an expansion of company commitments to exit Russia; @RepSchakowsky called for windfall profits tax; @RepRaulRuizMD chairman of the @HispanicCaucus calls for a rapid transition from fossil fuels, asks CEOs to discuss investments in renewables, electric cars.

Republicans push for decreases in regulations in order to expand domestic production.

So far no questions put to oil company CEOs producing in Kazakhstan & moving oil thru the Caspian Pipeline in partnership with Russian companies (Exxon & Chevron) about these operations. This oil blends with Russian oil to form CPC oil. 9 million alone barrels shipped today.

BP said they "can't commit" to cutting buybacks & dividends and shift funding towards lowering gas prices.

Shell said they believe the company can return value to shareholders, boost supply of oil and invest in renewables. @MattEganCNN
reports.
cnn.com/2022/04/06/ene…

Eager to hear more questions on price-gouging and price manipulation in this hearing on "gouged at the gas station: Big Oil and America's Pain at the Pump." The committee hasn't yet put questions to the CEOs on issues of price manipulation in wholesale pricing or futures markets.

Pioneer Energy Resources CEO Sheffield explains how hard it is to get and retain workers, a worsening trend. He says, "we're lacking frack fleets, we can't bring people back to the Permian Basin. Who wants to work in the oil and gas industry? We just can't bring people back."

As gas prices rise, Exxon, Chevron, BP and Shell spent more than $44 billion through buybacks and dividends last year and plan to spend at least another $32 billion this year; all four companies have announced plans to ramp up share buybacks, a letter from House Democrats said.

.@PeterWelch asked if CEOs would consider shifting profits away from buybacks, etc. to instead reduce gas prices, but shied away from explaining how they can do so, specifically reducing wholesale prices to retailers. CEOs responded that they're increasing oil production.

Several Democratic members have joined the hearing to state their interest in achieving energy independence by getting off of oil and other fossil fuels and investing in sustainable renewable energy; Republicans push reduced fossil fuel regulations & more pipelines as answer.

Even now, Americans pay shockingly little for gas compared to other nations--a reason why we're the largest global consumer of gasoline, with devastating impacts to human health, the environment & climate; also leaving us at the mercy of fossil fuels & those who control them.

And consumption isn't equal: wealthier Americans & industry consume the lions-share of #gasoline (& are able to afford higher prices). So, lower prices aren't the end goal. These are: to stop manipulative pricing & war profiteering and transition off fossil fuels.

In response to questions from @RepMcEachin, Chevron CEO Tim Wirth says that if there was a federal tax holiday, Chevron would reduce its wholesale price of gasoline as a result on a one-to-one basis; BP America won't commit; Exxon and Shell say its up to the market to decide.

Chevron CEO Tim Wirth told Rep McEachin that if taxes were reduced on Chevron, it would pass on those savings by reducing wholesale gasoline prices on a one-to-one basis as a result. This means Chevron could choose right now to reduce wholesale prices as well if it wished to.

The wholesale price of gas, plus a small amount added by the gas station owner -usually 3-20 cents- is the price we pay at the pump. Thus, Chevron (and the other the oil companies) could reduce gas prices today if they decided to reduce profits (rather than receive a tax break).

With Russia's brutal war raging in Ukraine and President Biden's declaration to stop "tyrants like Putin" from using "fossil fuels as weapons," these oil company CEOs could be asked their plans for how to eliminate the role of fossil fuels as "weapons of war" moving forward.

BP, Shell, Exxon and Chevron each have a long and continued history of working with and propping up many brutal and anti-Democratic regimes around the world, many of which are engaged in wars, including but not limited to Putin's.

Gas prices clearly have a disproportionate impact on lower income Americans. The solution is increasing the alternatives available to these households as quickly as possible, including affordable, safe, & accessible public transit.

After more than 5 hours of testimony pushing increased production of and reliance on fossil fuels, former Trump National Security Advisor, retired Lieutenant General HR McMaster, notes that he is also an advisor to energy giant Sempra Energy, a leader in #LNG production & export.