The country’s largest oil companies are back under the spotlight of House Democrats following another quarter of record profits for the industry, thanks to persistently high prices of oil, natural gas and gasoline.
House Energy and Commerce Committee Chairman Frank Pallone Jr. sent a letter Wednesday to Shell, BP, Exxon Mobil and Chevron accusing the corporations of having “misguided priorities” by increasing shareholder returns and requesting information regarding how they’re handling the profit bonanza.
“As one of the largest private oil companies in the world, your company is positioned to help alleviate Americans’ pain at the pump, but I am concerned that you are more focused on rewarding company executives and shareholders,” the New Jersey Democrat wrote to each of the four companies.