“Unbelievable: Big Oil is telling consumers to just wait for prices to go down even though the price of oil is already dropping,” Schumer said via Twitter on Wednesday. “We are calling Big Oil executives to testify before the Senate.”
Earlier on Wednesday, President Joe Biden also appealed to US oil giants with a request to reduce gasoline prices in view of the fall in the commodity prices in recent days.
US gasoline prices broke record last week surging over $4 per gallon for the first time since 2008 following Biden’s decision to ban oil and gas imports from Russia amid its special operation in Ukraine.
Despite declining oil prices over the past few days, US gasoline prices have continued to rise and only today fell by a modest 2 cents to $4.3 per gallon.