Dear Neighbors,
I wrote this week to four major oil companies demanding answers for how they are using their record high profits, and what – if anything – each company is doing to alleviate Americans’ pain at the pump.
While gas prices have begun to fall, my demands come as drivers continue to bear the burden of higher-than-average fuel costs at the same time as the four major oil companies announced quarterly earnings of nearly $50 billion combined.
Exxon alone reported a profit of $17.9 billion – the highest quarterly profit reported by any oil company in history – while Chevron reported $11.6 billion, Shell reported $11.47 billion, and BP reported $8.45 billion. These are record-shattering figures for the companies and the result of them reaping enormous profits on the backs of hardworking families.
These are companies are positioned to help alleviate Americans’ pain at the pump, but I am concerned that they are more focused on rewarding company executives and shareholders.
These misguided priorities are why I helped pass the Consumer Fuel Price Gouging Prevention Act in May, which would be the first-ever federal statute against fuel price gouging. This bill would also increase penalties levied against market manipulators and price gougers that drive up fuel prices and would give the federal government better tools to bring enforcement actions against price gougers during energy emergencies declared by the President. Read more here
The House Passed a Ban on Assault Weapons
The House passed a ban on assault weapons last week. These weapons are designed to inflict wounds that are more lethal and injurious than the wounds inflicted by other weapons. I supported this bill, because it would reduce the prevalence of assault weapons and high-capacity magazines, which in turn will reduce the lives lost to gun violence and make our communities safer.
