Monday, March 31, 2008

Oil Execs To Testify to Congress

House Committee Energy Independence Global Warming TestimonyTop oil execs are in for a drilling of their own as they answer questions concerning high oil and gas prices, excess profits, and resistance to alternative fuels before a committee of the US House of Representatives.

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:Oil Executives testimony Congress see speak hear no evil
ExxonMobil reported record profits of $40.6 billion in 2007, and the other top four oil companies like BP and Shell made billions more.

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.

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.
  • 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
Expect to see and hear a lot spin from the American Petroleum Institute and the rest of the oil industry this week.

But we'll have more information after the testimony as well to present a more balanced view.


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