Oil executives send a blunt message to Americans on gas prices

Article excerpt

As gas prices climb, oil company executives are pushing back against criticism that they're profiting from supply constraints. ExxonMobil, Chevron, and Shell leaders told Congress that production capacity is already at maximum and that higher prices reflect genuine scarcity, not corporate greed. The executives argued that companies cannot simply drill faster, permitting and infrastructure bottlenecks limit supply. Environmental regulations and underinvestment in new fields during the oil transition compound the constraint. Lawmakers seeking price relief pressed back, demanding the industry commit to boosting production or face windfall profit taxes.