Global Markets – Not U.S. E&Ps – Sending Pump Prices Higher, Say Top Energy Execs

U.S. oil and natural gas producers don’t set global commodity prices, nor are they attempting to gouge consumers, executives of the leading domestic explorers told Congress on Wednesday.

Top executives of BP America Inc., Chevron Corp., Devon Energy Corp., ExxonMobil, Pioneer Natural Resources Co. and Shell USA Inc. discussed the reasons for sustained high prices at the gasoline pump.

The exploration and production (E&P) chiefs shared their insight into the myriad reasons for rising commodity prices during a hearing before the House Committee on Energy and Commerce. Also testifying was retired U.S. Army Lt. General H. R. McMaster, now a senior fellow at Stanford University’s Hoover Institution.

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