Dem Rep. Garamendi on Gas Prices: We Need ‘Immediate’ Hearings on ‘Price Gouging’ by Oil Industry

On Monday’s “CNN Newsroom,” Rep. John Garamendi (D-CA) called for “immediate” Congressional hearings in both the House and the Senate on the profitability of the oil industry because “There is clearly price gouging” by the oil industry, and stated while members of the oil industry will blame oil producers like Saudi Arabia for high gas prices, “the profits of those industries have gone through the roof.”

Host Victor Blackwell asked, “You represent a district in California where, today, according to AAA, the average cost for a gallon of regular is $4.74. Is the administration, are you, is Congress doing enough to prepare the American people for the cost that may come as a result of putting this pressure on Putin?”

Garamendi responded, “Probably not enough. But the American people need to understand who is making the big profit on the gas. Right now, I would call for Congress — Senate and House — to conduct immediate hearings on the profitability of the oil industry. There is clearly price gouging going on here. They’re going to whine and say, oh, it’s not us. It’s the Saudi Arabians or somebody else. But the profits of those industries have gone through the roof.”

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