Should Congress Investigate the Recent Spike in Oil Prices?
The war in Ukraine has led to increasing oil prices and fears of gas shortages in some nations.
Biofuel groups are advocating for more ethanol use to lower prices as the Biden Administration plans to release more oil from the strategic reserves.
Senator Tammy Baldwin says oil shortages have yet to be seen. She is questioning the reasoning for the spike in prices and thinks Congress should investigate.
“So, the idea that we have these massive price spikes when there is not yet a shortage, is a perceived, this is something that might happen in the future, we got to hold these folks accountable for that. So, I do think it’s a strategy to use to lower the prices, as we’re trying to make sure that there’s not price gouging going on.”
Senator Baldwin is a member of the Commerce Committee and says lawmakers are trying to get oil company executives to testify on the Hill and provide an explanation to the public.