Frank Pallone Jr.

06/10/2024 | Press release | Distributed by Public on 06/10/2024 15:17

Pallone Blasts Big Oil Greed Costing Jersey Drivers

Jon Bon Jovi Service Area, Garden State Parkway, NJ- Congressman Frank Pallone, Jr. (NJ-06) today was joined by Ed Potosnak of the League of Conservation Voters of New Jersey to shine a light on how potential collusion between Big Oil companies has hammereddrivers across the Garden State. As top Democrat on the House Energy and Commerce Committee, which has jurisdiction over American energy policy, Palloneis spearheading an investigation into reports that Big Oil has illegally coordinated to artificially inflate gas prices on regular Americans.

Pallone said Big Oil's greed could force drivers to pay even more to enjoy the shore just as the busy summer travel season begins.

"Big Oil's insatiable profit-seeking greed could forcefamilies to skip their summer road trips to the shore because they cannot afford to fill up. In my role on the House Energy and Commerce Committee, I am fighting to hold these companies accountable for potential market manipulation and price fixing, which not only rips off hardworking Jersey drivers,but could also threaten our entiretourism economy," saidCongressmanPallone.

At a rest stop along the Parkway, Pallone detailed damning reportsfrom the Federal Trade Commission (FTC) of former Pioneer Natural Resources Company CEO Scott Sheffieldattempting to conspire with his competitors and OPEC to drive up prices at the pump in America. Pioneer Natural Resources subsequently merged with ExxonMobil.

"I am concerned that Mr. Sheffield's behavior represents common practices across the industry. Simply put, I am worried that his actions are industry-standard practice - directly contradicting what the largest oil companiestestified to my Committee last Congress," Pallone said. "If U.S. oil companies are colluding with each other and foreign cartels to manipulate global oil markets and shake down middle classAmericans, Congress and the American people deserve to know."

"Experts predict household energy costs will decrease by 63% in a 100% clean electricity economy and further lower our national expenditures, delivering $67 billion dollars in savings annually and helping to counter inflation - all while creating five million new jobs," said Ed Potosnak, Executive Director, New Jersey LCV."We stand with Congressman Pallone as he protects working families from price gouging by the oil and gas industry. We stood with him when he worked to pass the Inflation Reduction Act, investing billions of dollars in expanding access to clean energy, and we will continue to fight alongside him to fully implement President Biden's climate agenda for a clean energy future that will create good-local union jobs, reduce air pollution and improve public health, establish energy independence, and combat climate change."

In late May, Pallone demanded that seven oil and gas companies turn over internal documentsas he probes possible collusion and manipulation of global oil markets in an effort to jack up prices.Pallone also demandedthat Committee Republicans, who are responsible for scheduling committee activity, hold a hearing on these disturbing allegations with Mr. Sheffield.