Austin, Texas – Today, the Subcommittee on Oversight and Investigations of the U.S. House Committee on Energy and Commerce is holding a hearing entitled, “Gouged at the Gas Station: Big Oil and America’s Pain at the Pump.” The Texas Independent Producers & Royalty Owners Association (TIPRO) issued the following statement, which can be attributed to TIPRO’s President Ed Longanecker:
“America’s oil and gas companies do not set the market, but are subject to it like the rest of the world. Oil prices are determined through the complex web of commodity pricing, and in recent months, the market has undergone severe shocks including Russia’s invasion of Ukraine, and rising inflation, that have raised global oil prices. Instead of interrogating the energy industry, congressional leaders ought to focus on how we can support increased domestic oil and gas production, both for today and tomorrow. This includes expediting permits for U.S. LNG export facilities and pipeline infrastructure, lifting the ban on federal leasing and generally a more stable regulatory environment that provides certainty to producers and investors. Overburdensome regulations, increased taxes and anti-oil and natural gas rhetoric will only exacerbate high energy prices and raise costs for American consumers.”
