Big Oil Hearing, House Oversight Committee _Ripping Off Americans

Americans have to face peak oil prices concerning the war in Ukraine. Oil companies got the acquisition of "Ripping Americans off". After the issue of high oil rates becomes prominent in America, the six largest oil suppliers in the country were questioned for the second time about the increase in prices. They defended themselves by saying that oil and its rates is a worldwide issue and also the rates are not commanded by the companies.

Biden and other Democrats have blamed oil supply companies and Putin Vladimir (President of Russia) for the high strike rates of oil. He also pointed out that oil companies have made high profits in the last few months as the rates were too high so they should utilize their profits for increasing the production of oil products.

Big Oil Hearing was set up to dissolve the issue. Mike Wirth, CEO at Chevron stated that "we have no control over the rates of gases or crude oil at the market level, neither of refined oil products such as gasoline or diesel also we have no bearing for gouging of prices".

The hearing for the oil rates was held after Biden ordered the supply of at least one million barrels of oils in a single day for at least six months. The reason was to take oil prices back to normal which increased as a result of America's restrictions imposes on Russia as it invaded Ukraine. According to the report of AAA, the average price of gas at the national level was 2.87 dollars per gallon a year ago. For now, it costs 4.16 dollars per gallon.

Biden has pleaded to Congress to charge tax sanctions on the companies that acquire federal areas but do not manufacture oil and petroleum. Although this request of Bidden has been ignored yet. To promote the mining of key minerals that are used in batteries in powered mobility, as an element of broader transition pressures to minimize fossil fuel consumption and tackle environmental issues.