By Mary O’KEEFE

On Tuesday, June 30 Senator Adam Schiff stood in the shadow of a Chevron gas station sign that listed gas prices at over $8 per gallon and said he wanted to do something to help bring down those prices. The prices at the station were $8.59 for regular gas, $8.69 a gallon for “plus,” $8.79 for “supreme” and $8.99 for diesel. 

Although gas prices are high at this station in downtown LA on North Alameda Street – even for Los Angeles – gas prices have been affecting many  American family budgets for months since the war began in Iran and the Strait of Hormuz was closed, then re-opened. (As of press time commercial shipping and oil flows have resumed, according to UN News).

“Families are having to make the most difficult decisions about whether to go on that family trip, whether to cut back on groceries, whether to cut back on their medicine in order to be able to afford their lives. And a lot of small  businesses are really suffering that rely on being able to transport their own goods,” Schiff said. 

He said that part of the blame of higher prices was the war with Iran that allowed “Iran to essentially choke off the trade in Hormuz and raise the price that American families are having to pay at the pump.” 

“But there are other reasons why we’re facing such high gas prices,” he said. “That has to do with the oil companies themselves and how they are gouging consumers, how they are taking advantage of this crisis.” 

Schiff added that oil companies are making record profits. 

“The six largest gas companies made in excess of $90 billion in profits,” he said. “That’s about $3,000 a second.”

Research from Oxfam International found totals from the six fossil fuel companies – Chevron, Shell, BP, ConocoPhillips, Exxon and TotalEnergies – are from 2026 profits [thus far], which marks an increase of about $37 million a day compared to the 2025 profits of the same six companies. 

Schiff added that the Trump Administration is focused on fossil fuels. He spoke directly about the controversial restart of the pipeline off the coast of Santa Barbara and doing what the Administration can to “kill off electric vehicles.” [The Administration ended the federal electric vehicle tax incentives.]

However, both Schiff and Trump are calling for investigations into big oil and price gouging. 

“I’ll be introducing legislation to require the Justice Department to investigate oil companies,” he said. 

Schiff hopes the President and Republican colleagues will support these investigations and the legislation that will look into the price gouging. 

In addition to investigations, Schiff will be introducing legislation to “bring about a windfall profits tax on oil companies” so when oil companies make record profits, that portion of those profits will go back to the American people in a way to help stimulate the economy. 

Although gas prices are presently going down, Schiff said the high prices have, and continue, to cripple working families and small businesses. He feels his legislation will put pressure on the oil companies. 

“If the oil companies believe they’re going to be investigated [and] if they are investigated then they’ll take action on prices. If they think that we’re going to pass a windfall profits tax on them because they kept prices up this high, then we’re going to see some action by the oil companies. But I don’t think we can stop there because they will temporarily lower the price in the face of pressure and only raise it thereafter when they feel the pressure is off,” Schiff said. “But it depends on whether we get the public support for this and how real they view the threat.”