Senator Calls on CEOs to Take Pay Cut to Help Lower Gas Prices

Sen. Edward Markey is calling on the executives at five of the largest oil and gas companies to lower their own pay and put the savings toward lower gas prices for US consumers.

Markey (D-Mass.), ranking member on the Senate Small Business and Entrepreneurship Committee, wrote to the CEOs of Exxon Mobil Corp., Chevron Corp., ConocoPhillips, Shell Plc, and BP Plc on Tuesday asking them to reduce executive compensation and help with price spikes. Markey asked the companies to respond to a slate of questions by April 8, including a breakdown of pay to executives, whether they would reduce compensation, their company’s net income, and whether they would lower retail gas prices in exchange for any tax or regulatory relief from the federal government.

“While American consumers struggle with energy costs that continue to strain household budgets, many oil and gas executives have received record compensation packages—bonuses, stock awards, and salary increases that bear no relationship to the hardship being felt at the gas pump,” Markey said in the letters, first obtained by Bloomberg Government.

Affordability and high gas prices—particularly amid the Iran war—are set to be one of the key focuses of lawmakers in both parties heading up to the midterm elections. Markey is running for reelection this year and faces a primary challenger.