Democratic Rep. Garamendi Says Russian Aggression Could Spike Gas Prices, But Blames U.S. Oil Companies

Rep. John Garamendi (D-CA) admitted gas prices could spike due to the tense situation in Europe, but called for an investigation into oil companies, which he accused of “price gouging.”

The prices at U.S. pumps are already causing financial hardship for many American families.

AAA reported that as of Monday, the average U.S. cost of a gallon of regular gasoline was $3.532. Meanwhile, in California, the average price for a gallon of regular is $4.741.

While Democrats are already seeing political blowback from high fuel costs, the potential for Russian aggression has had some experts warning that Americans should expect to pay even more at the pump.

Last week, President Joe Biden recognized that when he warned Americans that tensions in Europe could end up affecting them.

Russian President Vladimir Putin took the first step toward violating Ukraine’s sovereignty on Monday. Russia recognized the supposed independence of the Luhansk and Donetsk regions in the eastern portion of the country.

Russian troops are now expected on Ukrainian soil as part of what Putin has billed as a peacekeeping mission.

When discussing the situation with CNN’s Victor Blackwell on CNN Newsroom on Monday, Garamendi said the U.S. energy sector should face an investigation, after he admitted Putin’s actions could force his constituents to pay more for gas.

Blackwell, when discussing sanctions on Russia, noted that Garamendi’s district in California is already seeing high gas prices, and noted the situation in Europe could do more harm.

He then asked the California Democrat if Congress is doing enough to lower prices at the pump.

Garamendi responded:

Probably not enough, but the American people need to understand, who is making the big profit on the gas. Right now, I would call for Congress, Senate and the House to conduct immediate hearings on the profitability of the oil industry. There is clearly price gouging going on here, and they’re going to whine and say oh, it’s not us, it’s the Saudi Arabians or somebody else. But the profits of those industries have gone through the roof.

Blackwell asked, “Is it your expectation that gas could go above $5 a gallon in California, considering what we’ve heard from the White House that there could be a cost, there could be a cost, that there will likely be a cost?”

“Yes, there’s likely to be a cost,” Garamendi responded. “Exactly what that cost is going to be will be in the pockets of the Americans, there’s no doubt about that. Will it be a lot or will it be a little, we don’t know.”