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U.S. Senator Warren lashes out at energy companies over natural gas prices -Breaking


© Reuters. FILE PHOTO : ConocoPhillips’ logo appears on a monitor on the New York Stock Exchange floor (NYSE), New York, U.S.A, January 13, 2020. REUTERS/Brendan McDermid


Kanishka Sharma

(Reuters) – U.S. On Tuesday, Senator Elizabeth Warren asked energy companies for explanations about their decisions to export records while raising prices. This was in response to the fact that Americans are struggling to pay their taxes and is being accused of corporate greed.

Warren addressed letters to 11 energy firms, among them Exxon Mobil (NYSE :), ConocoPhillips(NYSE:) and Occidental Petroleum.

“The cause of rapidly rising energy prices for consumers and manufacturers is clear: some of the nation’s largest and most profitable oil and gas companies are putting their massive profits, share prices and dividends for investors, and millions of dollars in CEO pay and bonuses ahead of the needs of American consumers and the nation’s recovery from the pandemic,” Warren wrote in letters sent to the companies and posted on her website.

Warren said she was concerned about “the extent to which these price increases are being driven by energy companies’ corporate greed and profiteering.”

Warren requested companies to provide details on their natural-gas exports for the past ten years. This included the percentage of total natural gaz production exported and domestic natural gas sales. Warren requested replies by December 7.

Also, letters were sent to EQT, BP, Coterra, BP (NYSE 🙂 & Antero Resources(NYSE 🙂 & Chesapeake Energy Corp NYSE :). Ascent Resources, Southwestern Energy NYSE 🙂 Co and Range Resources Corp (NYSE:) .

Warren’s broadside about the energy sector follows her call for the Justice Department, one day earlier, to investigate the impacts of consolidation and price-fixing in the poultry sector on both consumers and farmers.

In coordination with China (India, South Korea), Japan, and the United States, Tuesday’s announcement by the United States stated that millions of barrels of crude oil will be released from their strategic reserves. The move was made to lower prices following repeated refusals by OPEC+ producers to increase production.

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