If you are feeling the pain of high gas prices
, the big oil companies say, "Don't blame us." Blame the Russians. Blame Covid. Blame the Biden administration. As members of Congress are wont to do, they recently called executives of the big oil companies to testify about high gas prices, so Democrats and Republicans could point the finger of blame without really doing much
to alleviate the pain consumers are feeling. You may not be able to control high gas prices, but you can control your auto insurance costs.
Where oil executives say the blame lies for high gas prices
When the executives of the six biggest oil companies were called on the carpet during a House subcommittee meeting last month, Democrats peppered them with criticism, according to WFTV
. But the execs noted they have little control to set the price of crude oil or gasoline, beyond their ability to increase production at times when supplies shrink.
David Lawler, BP America Inc. chairman and president, noted, "It is a very complex set of factors that impact the price of gasoline."
Disruption of oil supplies from Russia in the wake of the Ukrainian invasion certainly is a factor. Production disruptions during the worldwide Covid pandemic add to the mix.
Changing energy policies between U.S. presidential administrations has an impact. Taking profits by maintaining low production could also be considered a factor, Democrats argued.
The executives pointed out that their companies certainly would be poised to increase production to make the United States less dependent upon outside factors, but they need more pipelines to transport those supplies.
Where do politicians stand on high gas prices?
As is typical in the current political climate, Democrats and Republicans point in opposite directions when placing blame for high gas prices.
Democrats accused the oil executives of intentionally keeping production down so prices would remain high. Rep. Frank Pallone Jr., a New Jersey Democrat, noted the six oil companies totaled $75 billion in profits between them in 2021.
Of course, oil prices and gasoline prices have risen dramatically in 2022, likely meaning even higher profits for oil companies.
Republicans, on the other hand, defended the oil companies and noted in was decisions from the Biden administration to limit pipeline construction and oil exploration in some areas that prevented oil companies from expanding production.
What officials are doing to help consumers
Much as the oil company executives say, there is not a lot the government can do about high gas prices, though they are floating some proposals.
Lawmakers have proposed legislation to provide stimulus checks of $100 a month for lower-income families to cover high gas prices. These would be much like the pandemic stimulus checks as they would be available to individuals who make less than $75,000 a year or couples who make less than $150,000.
Another piece of legislation would impose a tax on oil companies based on how high the price of oil goes above pre-pandemic levels.
The Biden administration also has been releasing 1 million barrels of oil a day from the nation's strategic reserve, with an eye on releasing 180 million barrels over six months, NPR
reports. The goal is to stabilize the nation's oil supply in the wake of Russia's invasion of Ukraine to keep prices more consistent, though the United States imports only about 3 percent of its oil from Russia.
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