Fossil Fuel CEOs Refuse to Testify about Oil & Gas Profiteering at Natural Resources Committee Hearing
Washington, D.C. – In response to the chief executive officers of EOG Resources, Devon Energy Corporation, and Occidental Petroleum refusing to testify at a scheduled House Natural Resources Committee hearing focused on the fossil fuel industry’s role in record-high gas prices, Climate Power executive director Lori Lodes issued the following statement:
“People can’t afford to fill up their gas tanks while these oil and gas CEOs profiteer off of Russia’s war in Ukraine. Instead of ramping up domestic production, oil and gas CEOs are more interested in enriching themselves and their Wall Street investors with endless stock buybacks and dividends.
“It’s telling that Devon, EOG, and Occidental won’t come forward to explain their rampant profiteering as well as their refusal to use the leases and drilling permits they already possess. These three companies alone are sitting on 1.5 millions acres, 4,000 leases, and 2,800 approved drilling permits. Instead of pointing fingers at President Biden, these CEOs need to look in the mirror.
“Their cowardly and selfish behavior is yet another reason we need to quickly transition to a clean energy economy. It will deliver true energy independence, cut energy costs for families, and stop the worst of the climate crisis. Congress needs to act and break America’s dependence on hostile dictators and greedy corporations.”
The Dallas Fed surveyed 132 oil and gas companies last week and nearly 60 percent blamed “investor pressure” (i.e. maintaining dividends and stock buybacks instead of drilling) for why they won’t ramp up oil and gas production. Fewer than 10% cited “government regulations.”