Jon QueallyTop executives from some of the largest and most profitable oil and gas companies are expected to face tough questions Wednesday as they testify before a House subcommittee about price-gouging U.S. consumers even as their companies haul in record-setting profits.The Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce, chaired by Rep.
"Persistently high gasoline prices are a financial challenge for many Americans and disproportionately impact lower-earning Americans, who are more likely to spend a greater share of their annual income on gasoline," the memo continues."Oil companies, on the other hand, are making significant profits, with the six companies testifying at this hearing collectively generating more than $76 billion in profit in 2021.
According to briefing documents put out by Greenpeace USA ahead of the testimony, the companies testifying Wednesday are projected to see windfall profits between $28 to $57 billion in 2022 alone.
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