Democrats Plan Oil Profit Probe if House Control Returns

Congressional Democrats intend to launch investigations and hearings into the oil sector's soaring profits if they regain control of the House of Representatives in the next midterm elections. The push comes after ExxonMobil Holdings Corp. and Chevron Corp. reported combined second-quarter profits of $29 billion, fueled in part by the war in Iran.

Jared Huffman, a member of the Democratic Steering and Policy Committee, stated the party intends to examine Interior Department actions that favored the industry. President Donald Trump also criticized the major oil companies, claiming they are making too much money.

The American Petroleum Institute defended the industry, arguing that current higher prices are driven by global supply, demand, and geopolitical events rather than individual companies. The trade group noted that the oil business is cyclical and measured in decades rather than quarters.