Markey: Today--Record Gas Prices; Tomorrow--Oil Companies on Record
FOR IMMEDIATE RELEASE
Contact: Select Committee, 202-225-4081
Markey: Today--Record Gas Prices; Tomorrow--Oil Companies on Record
Select Committee Hearing Hosts Execs from Largest 5 Oil Companies
For testimony, pictures and video from the hearing, please CLICK HERE.
WASHINGTON (March 31, 2008) – Today the national average for a gallon of gas hit a new all-time record of $3.28 per gallon, according to a survey done by AAA. Tomorrow Chairman Edward J. Markey (D-Mass.) and the Select Committee on Energy Independence and Global Warming will host top-level executives from the five largest oil companies at a hearing intended to probe the causes and solutions to America’s oil dependence.
“This new gas price record is a perfect example of why we need these oil companies to go on the record with the American people to discuss our dangerous dependence on oil,” said Markey. “These companies are defending billions in federal subsidies needed for renewable fuels and clean energy while reaping over a hundred billion dollars in profits in just the last year alone.”
Executives from BP, Chevron, ConocoPhillips, ExxonMobil and Shell will testify before the Select Committee tomorrow, where their stance on defending tax breaks totaling $18 billion, and their commitment to delivering alternative fuels to the market will be tested by the committee. Along with the Bush administration’s help, the 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 currently fighting to defeat the measure in the Senate.
Information on the hearing is provided below:
WHAT: Select Committee on Energy Independence and Global Warming hearing entitled, “Drilling for Answers: Oil Company Profits, Runaway Prices and the Pursuit of Alternatives.”
WHEN: 12 PM, Tuesday, April 1, 2008
WHERE: 210 Cannon House Office Building, Washington, DC and on the web at globalwarming.house.gov (Media Overflow Room located in 304 Cannon)
WHO:
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
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The Select Committee was active during the 110th and 111th Congresses. This is an archived version of the website, to ensure that the public has ongoing access to the Select Committee record. This website, including external links, will not be updated after Jan. 3rd, 2010.
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