the nation’s strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its invasion of Ukraine.
The national average gas price was $4.16 a gallon for regular on Wednesday, up from $2.87 a year ago, according to AAA.RELATED: Biden tapping oil reserve for 6 months to control surging gas pricesBiden and other Democrats have blamed Russian President Vladimir Putin and the U.S.
oil industry, citing reports that oil companies have made record profits in recent months, as prices have risen following Russia’s invasion of Ukraine."This is the Biden price hike,'' countered Rep.
Cathy McMorris Rodgers of Washington state, the committee's top Republican.She said prices were increasing before Russia invaded Ukraine in late February. "The American people are too smart and have not fallen for this" claim by Biden and other Democrats, McMorris Rodgers said, calling the hearing "purely political."A person pumps gas at a Shell gas station on April 01, 2022 in Houston, Texas. (Photo by Brandon Bell/Getty Images) ExxonMobil CEO Darren Woods told the committee that his company stands with communities around the world "in deploring Russia’s aggression and the devastation it has inflicted on the Ukrainian people.'' Exxon has halted investments in Russia and is withdrawing from operations there, Woods said.Exxon is increasing production in the United States, Woods said, including in the oil-rich Permian Basin in New Mexico and Texas.