[Congressional Record Volume 167, Number 201 (Thursday, November 18, 2021)]
[Extensions of Remarks]
[Pages E1257-E1258]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       FTC INVESTIGATING BIG OIL

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                           HON. MARCY KAPTUR

                                of ohio

                    in the house of representatives

                      Thursday, November 18, 2021

  Ms. KAPTUR. Madam Speaker, I rise today in support of President 
Biden's call for the FTC to investigate the world's largest oil 
companies that appear to be engaging in egregious price manipulation of 
oil and gasoline prices.
  In August, Big Oil started substantially reducing production--a 
bizarre move as our economy was surging forward after the pandemic 
downturn.
  At a time when oil production costs are going down, and unprocessed 
gasoline awaits distilling, Big Oil is driving prices up--and reaping 
the benefits. The two biggest companies are on pace to double their 
income since 2019. This is outrageous.
  It appears corporate fat cats are padding their own wallets at the 
expense of our national wellbeing. Enough is enough.
  The FTC should take a deep dive into Big Oil--and put a stop to any 
nefarious behavior that is harming hardworking Americans.
  I applaud President Biden's call for action--and hope to see 
enforcement soon.

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