Ranking Member Markey Calls on the Largest Oil and Gas Companies to Reduce CEO Bonuses During Trump’s Economic Crisis, Pass on Savings to American Consumers

Summary

Press release dated March 24, 2026 in which Ranking Member Edward J. Markey (D-Mass.) says he sent letters to the CEOs of five of the largest oil and gas companies, ExxonMobil, Chevron, ConocoPhillips, Shell and BP. The letters call on them to refrain from awarding executives profits generated from rising oil prices and to direct savings to lower gas prices, which the release ties to what it calls Trump's illegal war in Iran. The letters ask for answers by April 8, 2026 on executive pay, company net income and free cash flow, and whether a consumer price relief fund is possible. The release adds that Markey earlier wrote to the Bureau of Labor Statistics (BLS) about the economic costs of the war and says BLS has not responded.

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Title: Ranking Member Markey Calls on the Largest Oil and Gas Companies to Reduce CEO Bonuses During Trump’s Economic Crisis, Pass on Savings to American Consumers
Date: 2026-03-24

Ranking Member Markey Calls on the Largest Oil and Gas Companies to Reduce CEO Bonuses During Trump’s Economic Crisis, Pass on Savings to American Consumers

March 24, 2026

RM Markey: “Big Oil companies should not soak up profits while American consumers and small businesses are running on fumes”

Letters (PDF)

(Washington, March 24) – Ranking Member Edward J. Markey (D-Mass.) today sent letters to CEOs at five of the largest oil and gas companies—ExxonMobil, Chevron, ConocoPhillips, Shell, and BP—demanding that big oil and gas companies refrain from awarding executives profits generated from rising oil prices during Trump’s illegal war in Iran. As Americans experience pain at the pump and endure skyrocketing energy prices due to Trump’s illegal war, oil and gas companies rake in billions of dollars that line CEOs’ pockets. Ranking Member Markey is urging big oil and gas companies to reevaluate their executive payrolls and bring relief to struggling households instead of handing out bonuses.

In the letters, Ranking Member Markey writes, “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. I write to ask your company to take a meaningful step toward easing this burden: reduce executive compensation and direct the savings to lower gas prices for American consumers.”

Ranking Member Markey continues, “American consumers deserve an energy sector that works for them, not one that extracts maximum profit while deflecting accountability for high prices. At a time when families are making painful choices about how to afford basic necessities, I believe that reducing executive compensation to lower gas prices is not just good policy — it is the right thing to do. I urge you to take this opportunity to demonstrate that your company’s commitment to America extends beyond its shareholders.”

Ranking Member Markey requested answers to the following questions by April 8, 2026:

Will your company voluntarily reduce total executive compensation — including base salary, annual bonuses, and long-term equity awards — for fiscal year 2025 or 2026? If so, by how much, and how will the savings be used?

Has your company’s board of directors discussed linking executive compensation to consumer gas price benchmarks or affordability metrics? If not, will you commit to initiating such a discussion?

What was the total executive compensation paid to your top five highest-paid executives in each of the last three fiscal years? Please provide a breakdown by salary, bonus, and equity awards.

What was your company’s net income and free cash flow in each of the last three fiscal years? What share of those earnings was distributed to executives through compensation, to shareholders through buybacks, and to consumers through lower prices?

Has your company established or considered establishing a consumer price relief fund — funded by a portion of executive bonuses or excess profits — to provide direct relief at the pump to American consumers? If not, please explain why.

What mechanisms, if any, does your company currently use to pass commodity cost savings on to retail customers? How quickly do retail prices at company-operated stations typically adjust when wholesale oil prices decline?

Is your company willing to commit to a specific, measurable reduction in retail gasoline prices at company-operated stations in exchange for any tax or regulatory relief it receives from the federal government? If not, please explain why.

Ranking Member Markey is focused on reducing the pain felt by American working families and small businesses as a consequence of Trump’s illegal war in Iran. Two weeks ago, Ranking Member Markey sent a letter to the Bureau of Labor Statistics (BLS) demanding full transparency about the economic costs of Trump’s illegal war with Iran and how the war will harm American consumers. He urged BLS to provide nonpartisan and accurate evidence of the economic consequences of Trump’s illegal war in Iran, regardless of political pressure from the Administration. BLS has not responded to the letter.

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