Drilling for Answers: Oil Company Profits, Runaway Prices and the Pursuit of Alternatives

Drilling for Answers: Oil Company Profits, Runaway Prices and the Pursuit of Alternatives – Select Committee on Energy Independence and Global Warming – 2008-04-01 – On Tuesday, April 1, 2008, Chairman Edward J. Markey (D-Mass.) brought in 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. The Select Committee heard from the number two officers worldwide for the three United States-based oil companies and the presidents of US operations for the foreign companies. ExxonMobil reported record profits of 0.6 billion in 2007, and the other top four oil companies like BP and Shell made billions more. These same companies are fighting to keep 8 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. WITNESSES: * 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. Video provided by the US House of …