The question was rather simple. Citing a story in the Wall Street Journal that said that gasoline costs would be about 15% higher without biofuels, Rep. Herseth Sandlin (SD) asked the oil executives if they agreed.Watch how the oil execs squirmed their way through answering the question.
Bonus: Towards the end of the clip, Rep. Herseth Sandlin also asked if they had any independent analysis that backed up their claims that corn was increasing food costs versus the cost of energy to produce and transport food. They didn't have anything to share but they had read about it somewhere. They did all agree that increased energy costs were increasing food costs.
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READ MORE
- Oil Executives to Testify to Congress
- Big Oil's Oily Evasion
- Congresswoman Herseth Sandlin Responds to Ethanol Critics
- Corn: The Modern Marvel
- Rep. Nancy Boyda Shames Big Oil
- "Kernels of Truth" Spreads Truth About Food Costs
- Food for Fuel: Myth vs. Reality - Daschle Responds
- Former CIA Director Warns Foreign Oil is a Threat to America's Economy
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