On Wednesday’s broadcast of CNN’s “New Day,” Rep. Adam Smith (D-WA) stated that he would be surprised if oil companies weren’t engaging in profiteering on gas prices and Congress needs to “keep an eye on that and try to make sure that the oil companies don’t take advantage of the situation.”

Co-host Brianna Keilar asked, “Oil prices, as you know, are falling. Gas prices, they’re not following yet, but they are expected too. And one of your colleagues, Alexandria Ocasio-Cortez, says that there is profiteering that is happening by oil companies. Do you agree with that?”


Smith responded, “I’d be surprised if it wasn’t the case. It’s kind of what oil companies do. They try to make as much money as possible. It’s been a long-running battle for years between policymakers and oil companies and also oil-producing nations to try to drive down the price. And by and large, people who are selling things, they want the price to be higher. People who are buying them want the price to be lower. We have to set policy to try to make sure that the consumer is not taken advantage of. So, absolutely, we need to keep an eye on that and try to make sure that the oil companies don’t take advantage of the situation.”

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