[Congressional Record Volume 168, Number 60 (Tuesday, April 5, 2022)]
[Senate]
[Page S1950]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                            Commerce Hearing

  Mr. President, finally, I want to close by thanking my friend and 
colleague Chairwoman Cantwell for holding a hearing in the Commerce 
Committee that is of great importance to the American people: ensuring 
transparency in petroleum markets. That hearing will occur today.
  The American people right now find themselves on the losing side of a 
truly disturbing trend. On the one hand, the American people are paying 
more and more at the pump, and some of the Nation's biggest oil 
companies are reporting soaring profits but then using those profits to 
reward shareholders with stock buybacks.
  This is infuriating. Prices go way up; oil companies make more 
profit; and what do they use it for? Stock buybacks, which do nothing 
to improve the economy, improve workers, or help the consumer. It is 
outrageous, and it is one of the reasons there is such mistrust of the 
big oil companies.
  So I am glad that the Commerce Committee is looking into this 
important issue, and I urge the FTC to likewise take note.
  I thank Chair Cantwell for her work. I expect that we will see 
additional announcements on this matter very soon. This caucus--this 
Democratic caucus--is going to keep its eye out and do whatever we can 
to help with bringing down the outrageously high price of oil and the 
outrageous actions of corporate executives in the oil industry.
  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for the quorum call be rescinded.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. Without objection, it is so ordered.