The Senate Energy Committee held an oversight hearing Tuesday to explore how gas prices are affected by the current boom in domestic oil production and the restructuring of the U.S. refining industry and distribution system. Growth Energy CEO Tom Buis says the oil executives who testified before the committee continued to blame others for high gas prices. He says they continue to tout new oil reserves and increased domestic production at home – while consumers see gasoline prices rising at the pump. Buis says Big Oil has long said drilling more would result in lower prices. Instead – at record production levels – he says motorists are experiencing record prices and executives are raking in record profits.
Buis calls the behavior of Big Oil deceptive and monopolistic – and questions how much longer Americans will tolerate it. He says Big Oil is against any alternative that is less expensive, reduces the nation’s dependence on oil and takes away any of their market share. They say fuels like E15 are mandated – but Buis notes E15 is a voluntary choice for the consumer and the retailer. Buis says oil companies are erecting barriers to prevent consumers from the choice of a less expensive, homegrown American alternative that is cleaner, creates jobs and contributes to our energy security because they are afraid of competition. He says they are doing everything to avoid a free and open marketplace that includes renewable fuels. Buis says they are purposely preventing a choice and savings at the pump at the expense of the American motorist.
Source: NAFB News Service