[Congressional Record Volume 168, Number 67 (Monday, April 25, 2022)]
[Senate]
[Page S2118]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                     Nomination of Alvaro M. Bedoya

  Madam President, this week, the Senate will also confirm Alvaro 
Bedoya as a commissioner on the Federal Trade Commission, breaking a 2-
2 deadlock on the FTC that has lasted for over a year. Mr. Bedoya's 
confirmation is truly significant. If we want to lower costs, if we 
want to understand why the price of things like gasoline have surged, 
then it is important to break the 2-2 deadlock at the FTC so it can 
fully examine these issues and execute its agenda.
  Every time Americans go to the pump, they just know something truly 
rotten is going on with America's energy sector. Last year, the top 25 
oil and gas companies reported $205 billion in profits. Earlier this 
month, ExxonMobil alone reported its highest quarterly profits since 
2008. But has any of this translated into lower prices for Americans? 
Has any of this gone to help resolve our energy challenges? Has any of 
it gone to increasing worker productivity? No, no, and no.
  Instead, soaring energy profits have fueled soaring stock buybacks. 
In the fourth quarter of last year, oil and gas companies' stock 
buybacks rose by more than 2,000 percent--2,000 percent.
  They are making record profits, and what do the CEOs do? They 
artificially increase the value of their stocks simply by buying some 
of it back. That is not why stock should go up.
  Could they do something to reduce prices? Wouldn't that help America 
more? Could they do something to make their oil companies--their 
workers fare better? No. There is something deeply wrong, deeply wrong 
about seeing the largest oil and gas companies in the world drench top 
executives and wealthy shareholders with cash while Americans are 
struggling at the pump.
  That is why we need a fully functioning FTC as soon as possible; so 
it can look under the hood of America's energy sector and determine if 
rising prices are, in part, rooted in shady conduct, and I believe they 
are. For that reason, we must confirm Mr. Bedoya by the end of this 
week.
  And I say to my Republican friends, if you are complaining about oil 
and gas prices--gasoline prices, one of the best things to do is have 
the FTC take a look and propose action and act.
  On this very same note, Democrats are also discussing and will 
consider other potential action to beef up the FTC's ability to crack 
down on potential gas price manipulation. We will have more to say on 
this as the week progresses.