OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Ftc Investigating Big Oil

Floor Speech

Date: Nov. 18, 2021
Location: Washington, DC

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Ms. KAPTUR. Madam Speaker, I rise today in support of President Biden's call for the FTC to investigate the world's largest oil companies that appear to be engaging in egregious price manipulation of oil and gasoline prices.

In August, Big Oil started substantially reducing production--a bizarre move as our economy was surging forward after the pandemic downturn.

At a time when oil production costs are going down, and unprocessed gasoline awaits distilling, Big Oil is driving prices up--and reaping the benefits. The two biggest companies are on pace to double their income since 2019. This is outrageous.

It appears corporate fat cats are padding their own wallets at the expense of our national wellbeing. Enough is enough.

The FTC should take a deep dive into Big Oil--and put a stop to any nefarious behavior that is harming hardworking Americans.

I applaud President Biden's call for action--and hope to see enforcement soon.

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