Business

Exxon CEO responds to White House call for investigation of “anti-consumer behavior”

Darren Woods, Chairman and Chief Executive Officer of ExxonMobil.

Katie Kramer | CNBC

Exon Wednesday, President Joe Biden’s request for investigation “Possibility of illegal activity” Not guaranteed within the oil and gas industry.

Darren Woods, CEO of Exxon, told CNBC on Wednesday. “Looking back at history, the imbalance between supply and demand has become more severe, and similar investigations are conducted every time prices rise,” he said. ..

“This is a commodity market. Prices are set by the amount of supply and demand there. We promise to limit that supply and if we do nothing about demand, the price will go up.” He added.

Comments are made after Biden asks the Federal Trade Commission to investigate the behavior of energy companies when gas prices soar to their highest levels in seven years.

“There is a lot of evidence of anti-consumer behavior by oil and gas companies,” Biden said in a letter to FTC Chairman Lina Khan on 17 November. The letter pointed out that gas prices remain rising, despite falling prices for unfinished gasoline.

The White House also said that “two of the largest oil and gas companies in the United States” are benefiting from rising energy prices. The letter does not mention the company’s name, but the largest US oil companies by market capitalization are Exxon and Chevron.

According to AAA, the national average for a gallon of gasoline on Wednesday was $ 3.385. This is down from the previous month’s average of $ 3.402, but the fall does not reflect a sharp drop in oil prices.

U.S. oil After trading above $ 85 at the end of October, it traded at around $ 68.47 per barrel.

Exxon CEO responds to White House call for investigation of “anti-consumer behavior”

Source link Exxon CEO responds to White House call for investigation of “anti-consumer behavior”

Back to top button