Lawmaker blasts Big Oil CEOs at hearing: 'You are ripping off the American people'
CNN
Leading oil company CEOs declined on Wednesday to endorse a call from Democrats to reduce dividends and share buybacks and plow the money into ramping up production instead.
During a hearing, Rep. Frank Pallone, a New Jersey Democrat, asked the top executives from ExxonMobil (XOM), Chevron, BP, Shell, Pioneer Natural Resources and Devon Energy if they would commit to "doing whatever it takes," including not just increasing production but reducing dividends and buybacks to lower prices for American consumers.
The questions echoed a letter from House Oversight Chair Carolyn Maloney and Rep. Ro Khanna this week asking the major companies to scrap their buybacks and dividends during the Ukraine war and instead lower prices for consumers.
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