As consumers fume over skyrocketing prices for gasoline and other commodities, congressional Democrats on Wednesday called executives from big oil companies on the carpet to explain why they appear to be making unseemly fat profits in the face of an international crisis.
The House hearing was in part a response to Republicans’ campaign to blame Democrats for inflation, now running at a 40-year high and rising.
Oil executives Wednesday insisted that market forces set fuel prices, while Republican lawmakers attacked President Biden and what they called his anti-fossil fuel policies for creating supply shortfalls leading to higher prices at the pumps.
But in both parties, the blaming amounts to little more than political rhetoric and jawboning because neither side is prepared to push for the kind of action that Washington has sometimes resorted to in wartime emergencies.
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