The House Select Committee on Energy Independence and Global Warming held a hearing this morning on “Drilling for Answers on Oil and Gas Prices, Profits, and Alternatives,” at which executives from the five largest oil companies were asked about current oil and gas prices; their profits; and the need for clean, renewable fuels to ease demand for oil and cut global warming pollution.
Testifying were ExxonMobil Corp. Senior Vice President J. Stephen Simon; Shell Oil Co. President John Hofmeister; BP America Inc. Chairman and President Robert A. Malone; Chevron Vice Chairman Peter Robertson; and ConocoPhillips Executive Vice President John Lowe.
The hearing’s backdrop is that as prices at the pump have risen sharply and oil companies are reporting record profits, the companies also are fighting to keep $18 billion in tax breaks that Congressional Democrats say should be rescinded and shifted to renewable energy incentives for wind, solar, biomass and other climate-friendly sources.
Here’s the opening statement from committee member Jerry McNerney, D-Pleasanton:
And here’s committee chairman Ed Markey, D-Mass., lighting into Simon of ExxonMobil, which reported record profits of $40.6 billion in 2007: