This Tuesday, April 1, Chairman Edward J. Markey, Select Committee on Energy Independence and Global Warming, will bring top-level executives from the five largest oil companies to discuss the current state of oil and gas prices, oil company profits, and the need for clean, renewable fuels to ease demand for oil and cut global warming pollution.
This might not be very enjoyable for the oil execs. The Committee is promoting the testimony with the following welcoming message:
ExxonMobil reported record profits of $40.6 billion in 2007, and the other top four oil companies like BP and Shell made billions more.Those who have been invited before the committee will have a lot of explaining to do given the tax breaks the industry enjoys, the oil industry resistance to renewable fuels and how higher energy costs are crippling the American economy.
These same companies are fighting to keep $18 billion in tax breaks that Congress is attempting to shift towards renewable energy incentives for wind, solar, biomass and other climate-friendly sources.
The House recently passed the Renewable Energy and Energy Conservation Tax Act of 2008, but President Bush and the top oil companies are fighting to defeat the measure in the Senate.
- Mr. J. Stephen Simon, Senior Vice President, Exxon Mobil Corp.
- Mr. John Hofmeister, President, Shell Oil Company
- Mr. Robert A. Malone, Chairman and President, BP America, Inc.
- Mr. Peter Robertson, Vice Chairman, Chevron
- Mr. John Lowe, Executive Vice President, ConocoPhillips
But we'll have more information after the testimony as well to present a more balanced view.
- Ethanol Saves Money
- Gas Rebate Checks Coming Soon
- Labor Dept: Energy Costs Fueling Inflation
- Amazing Oil Brings Higher Costs to Many Things
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