Oil Companies Should Not Price Gouge

Floor Speech

BREAK IN TRANSCRIPT

Mr. DeFAZIO. Mr. Speaker, the President just announced that he will ban the importation of Russian oil. It is a tiny fraction of the oil we consume, so it shouldn't mean a big run-up in price. In fact, prices have already run up 30 percent since the invasion of Ukraine, they have already priced it in, and they are already profiting from it.

We need to become energy independent, as the President pointed out. We have to break our addiction to Big Oil. We need to be self- sufficient on renewables, but we don't need to price gouge the American people on the way there.

Last year, the oil companies reported record profits, bought back $7 billion worth of stock, and had record dividends. This year, they say there is a $22 billion stock buyback, bigger dividends, bigger profits. They should not be price gouging during a crisis.

I am introducing legislation for a price gouging profits tax with rebates to consumers.

Colleagues, join me in this effort. Don't let Big Oil gouge the American consumers under the guise of an international crisis.

BREAK IN TRANSCRIPT

Source