Democrats blast oil execs for skipping hearing on gas prices
House Natural Resources Committee Chair Raúl Grijalva (D.-Ariz.) slammed the CEOs of three major oil companies for refusing to testify at a Natural Resources Committee hearing scheduled for April 5.
Why it matters: The hearing would have examined the fossil fuel industry’s failure to help stabilize gas prices during the ongoing crisis in Ukraine, Grijalva said in a statement.
Details: The companies that refused to testify are EOG Resources, Devon Energy Corporation, and Occidental Petroleum, which are among the largest oil and gas companies that operate on public land and waters, per the committee statement.
By the numbers: The three companies hold over 4,000 leases covering nearly 1.5 million acres of public land and over 2,800 approved and unused drilling permits, per the NRC.
- Those same companies experienced record profits over the past year, totaling nearly $9 billion, per the statement.
What he's saying: "Their silence tells us all we need to know — that cries for more drilling and looser regulations are nothing more than another age-old attempt to line their own pockets,” Grijalva said in the statement.
But, but, but: While Devon Energy Corporation won't participate in the April 5th hearing, a spokesperson told Axios the company's president and CEO Rick Muncrief is confirmed to speak to the House of Energy and Commerce Committee on April 6.
A spokesperson for EOG Resources confirmed to Axios they will not be participating in the hearing. Occidental Petroleum did not immediately respond to Axios' request for comment.
Editor's note: This article has been updated to add statements from Devon Energy Corporation and EOG Resources.