Ron Kind Says Oil Companies Are Reaping Benefits

A Wisconsin congressman says oil companies are reaping the benefits of high gasoline prices. La Crosse Democrat Ron Kind says those same companies elected not to build more refinery capacity when prices were lower.

“They’re sitting on 7000 leases of oil and natural gas that they’re not utilizing. And they don’t want to bring that into production, because they like the high prices, they can blame it on President Biden.”

Republicans are also pinning gas prices on the president, but Kind says Russia’s war in Ukraine has also had a major impact on global energy markets.

Wisconsin Congressman Ron Kind says, while a number of factors are driving gas prices up, big oil company profits are a big part of it.

“There’s a lot of profit taking on the backs of American consumers right now, clearly, that’s happening.”

The La Crosse Democrat says producers failed to invest in new refining capacity when prices were low, due to a desire to dominate the market. That, along with the impact of the war in Ukraine on global energy markets, are contributing to high prices at the pump.