Oil executives to be questioned by Congress on surging prices
Oil executives to be questioned by Congress on surging prices
Motorists have seen a very slight decrease in the price at the pumps over the last few weeks, but it isn’t enough and lawmakers are pointing the finger at oil executives who they say are taking advantage of world events to gouge motorists with high energy prices.
WASHINGTON - Motorists have seen a very slight decrease in the price at the pumps over the last few weeks, but it isn't enough and lawmakers are pointing the finger at oil executives who they say are taking advantage of world events to gouge motorists with high energy prices.
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FOX 5's Maureen Umeh reports that lawmakers in the U.S. House Energy and Commerce Subcommittee on Oversight and Investigations will hold a hearing to grill oil executives from six of the top oil companies on why gasoline prices remain high even though prices for crude oil have dropped.
According to pre-released written testimony, the executives are expected to tell Congress that they're boosting energy output and that no one company sets the price of gasoline, Umeh says.
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The average price of gas across Virginia is about $4.06 a gallon. That's higher than Maryland's price that's at $3.79. It comes after Governor Larry Hogan Suspended a 36-cent gas tax for 30 days.
Still energy analysts say taxes aren't the biggest driver of gas prices. They say energy speculators are driver prices higher, Umeh says.
On the heels of Maryland cutting its gas tax, Virginia Governor Glen Youngkin wants to pause Virginia's 26-cent gas tax for May, June and July. It would be phased back in in August.