Trade Groups Defend Big Oil after House Hearing on High Gas Prices

“Our companies do not have the ability to set the price of oil or natural gas,” Anne Bradbury, CEO of the American Exploration and Production Council, told Hart Energy.

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For several weeks now, the Biden administration has expressed frustration at oil companies for not ramping up production “immediately,” which they believe could lower energy prices. (Source: Fahroni/Shutterstock.com)

U.S. trade associations came out in defense of the oil and gas industry in response to accusations made at a hearing recently held by U.S. Congress on high gasoline prices.

“Our companies do not have the ability to set the price of oil or natural gas,” Anne Bradbury, CEO of the American Exploration and Production Council (AXPC), told Hart Energy

Bradbury clarified that oil and gas producers are only capable of making long-term assessments or investments based on capital availability and the current regulatory environment. The real cause of rising gasoline prices, she added, includes “excessive regulation, lack of needed pipeline infrastructure and policies to suppress exploration and development,” which create market volatility that results in higher prices.

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Faiza Rizvi

Faiza Rizvi is a senior editor of ESG for Hart Energy's editorial department, with a strong focus on E&P Plus and HartEnergy.com. She has been covering all facets of the U.S. and international energy industry for over 5 years.