Probably wasn't a bluff. Not like it would last long and probably wouldn't lose much if anything. It would doom anyone's reelection who was a party to it though and I don't know of a single congress critter that doesn't have "get reelected" as their first priority.

Keep in mind, looking at a report for FY2021, Exxon's earnings (not revenue) were only 8% from downstream (gas, lubes, that type of stuff). Chemicals and upstream is where all the profit is at.

This was also just one of those useless congressional committee hearings they do now and then that doesn't do anything regardless and has no real authority. So they didn't tell all of congress to piss up a rope.