Nov 23 (Reuters) - U.S. Senator Elizabeth Warren on Tuesday
called on energy companies to explain "their decisions to export
record amounts of natural gas while imposing massive price
increases" on consumers, accusing them of "corporate greed"
while Americans struggle to pay their bills.
Warren sent letters to 11 energy companies, including Exxon
Mobil, ConocoPhillips 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 nations 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."
She called on the companies to detail, for the past 10
years, their natural gas exports, percentage of total natural
gas production exported, average profit margin for exported
natural gas, average profit margin for domestic sales of natural
gas, and the amount invested in clean, renewable energy. Warren
asked for replies by Dec. 7.
Letters were also sent to EQT, Coterra, BP
, Antero Resources, Chesapeake Energy Corp,
Ascent Resources, Southwestern Energy Co and Range
Warren's broadside on the energy sector comes a day after
she called on the Justice Department to open an investigation
into the impact of price-fixing and consolidation in the poultry
sector on consumers and farmers.
The United States said earlier on Tuesday it will release
millions of barrels of oil from strategic reserves in
coordination with China, India, South Korea, Japan and Britain,
to try to cool prices after OPEC+ producers repeatedly ignored
calls for more crude.
(Reporting by Kanishka Singh in Bengaluru
Editing by Chris Reese and Leslie Adler)