[Congressional Record Volume 168, Number 47 (Wednesday, March 16, 2022)]
[Senate]
[Page S1194]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                                 Costs

  Mr. President, now, on another issue, this morning I want to 
highlight two steps Senate Democrats are taking to maintain our laser 
focus on lowering costs for American families.
  First, today the Senate Finance Committee is holding a hearing 
examining one of the most vexing issues facing Americans everywhere: 
the alarming rise in prescription drug costs. Few things are as 
frustrating and debilitating as going to the pharmacy and seeing the 
price on your receipt go up and up and up for essential medications.
  For families struggling to make ends meet, drug costs present a 
harrowing Sophie's choice. Do I buy groceries and diapers and take care 
of my kids, or do I pay for my medications? It is a decision no 
American should make, but millions have to make it every day.
  Insulin is a particularly flummoxing example. According to some 
sources, a 40-day supply can now climb north of $600 a month. For 
millions of Americans who rely on insulin to manage their diabetes, 
this is a crisis that should compel the Senate to act. I expect that we 
will consider next steps soon on proposals already presented to my 
colleagues.
  And besides rising prescription drug costs, Senate Democrats are 
zeroing in on the alarming state of energy prices. In the coming weeks, 
I expect that Congress will be calling on CEOs from the oil and gas 
companies to testify on the alarming spike in energy prices.
  Over the past few weeks, as war in Ukraine began, the price of a 
barrel of oil rose precipitously. That immediately translated to oil 
and gas companies raising the price for Americans at the pump. But 
something is happening that Americans shouldn't overlook. Over the past 
few days, oil prices have actually been decreasing, but the price of 
gas at the pump has not.
  Some of the economists call this stickiness. When the costs go up, 
the price to the consumer goes up; when the costs go down, the price to 
the consumer stays high. Stickiness does not come close to describing 
the outrage that Americans feel about this.
  The last time that the price of a barrel of oil was at $96, gas was 
$3.62 a gallon. Oil prices have now come down to $96 again. Yet the 
price of gas continues to rise. It is now at $4.31. The bewildering 
incongruity between falling oil prices and rising gas prices smacks of 
price-gouging and is deeply damaging to working Americans.
  The Senate is going to get answers, and that is why we will be 
calling on the CEOs of major oil companies to come testify before the 
Congress.
  Meanwhile, as Americans pay more at the pump, the biggest oil 
companies in America are making a killing. Twenty-five of the top oil 
and gas companies reported a combined $205 billion in profits. That is 
an astounding figure, blowing prepandemic figures out of the water. But 
instead of lowering gas prices, oil companies are using these soaring 
profits to reward their shareholders through stock buybacks. It is 
outrageous to me. Stock buybacks--they benefit the CEOs because they 
can tell the shareholders, ``See, the price went up.'' But it is not 
because they sold more product, became more efficient, hired more 
workers, used productivity. It is simply decreasing the number of 
shares so the price goes up. That, to me, is so wrong. It is one of the 
disturbing signs of American capitalism.
  These disturbing trends demand answers, and the CEOs of large oil and 
gas companies should be advised they will have to provide answers 
before the Senate very soon: Why stock buybacks instead of lowering 
prices or increasing productivity or moving to green energy, which we 
know we all have to do?
  And finally, in conclusion, another issue on prices. The Senate will 
also take action on the bottlenecks and supply chain crisis crippling 
our shipping lines. Senator Cantwell and the Commerce Committee will be 
holding a markup on March 22 on bipartisan legislation introduced by 
Senators Klobuchar and Thune that will target this issue--one of the 
many, many ways that Democrats are continuing our focus on lowering 
costs for American families.
  So these are some concrete steps we are taking. We are going to hear 
about many more as Democrats focus keenly--laser-like--on the higher 
costs for the American people, which we know must, must come down.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Kaine). Without objection, it is so 
ordered.