Congressman Cohen's Statement on the Antitrust Task Force Hearing on Competition in the Oil Industry

Statement

Congressman Cohen's Statement on the Antitrust Task Force Hearing on Competition in the Oil Industry

Today, the House Judiciary Committee's Task Force on Competition Policy and Antitrust Laws held a hearing to investigate competition in the oil industry - the same day crude oil topped $135 a barrel for the first time. Congressman Steve Cohen (TN-09) and other members of the Task Force heard testimony and had the opportunity to question executives from ExxonMobil Corp., ConocoPhillips Co., Shell Oil Co., Chevron Corp. and BP. Committee members grilled executives for hours, trying to get to the root of the issue of record-high gas prices.

Congressman Cohen released the following statement after the hearing adjourned:

"I was very pleased to have the opportunity to question executives from the country's largest oil companies this afternoon. While I am glad that they appeared before the Judiciary Committee's Antitrust Task Force, I do not feel that they adequately answered our questions about why they continue to reap obscene profits and rake in outrageous personal salaries while the American people suffer with record-breaking prices at the pump. The price of oil is hurting every sector of our economy, but it is especially hard on middle and lower-income families who are struggling to make ends meet. Meanwhile, some oil executives earn in excess of $100,000 per day - every day of the week. There's something wrong with this picture."

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