Print This Page 
Adjust Text Size
Hearings and Publications

Hearings and Publications
Rep. Edward J. Markey, Chairman - Stay Connected with Facebook, Twitter, YouTube and RSS Feeds
The Select Committee on Energy Independence and Global Warming addressed our nation's energy, economic and national security challenges during the 110th and 111th Congresses.

This is an archived version of the committee's website, where the public, students and the media can continue to access and learn from our work.

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

News Update: 

5.13.08 --House passes legislation to assist consumers on rising gas prices

5.7.08 -- Markey, Pelosi and 91 others send letter to President on Strategic Petroleum Reserve
5.1.08 --Markey to Introduce Legislation Against Exxon Stock Buyback Practice
4.24.08 --Select Committee Hearing with Consumer Advocates and Truckers on Rising Gas Prices
4.24.08 -- On Strategic Petroleum Reserve (SPR), Bush sides with Big Oil not consumers 

Select Committee Hearing Brings Top-Level Oil Execs to Capitol Hill

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 U.S. operations for the foreign companies.

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.

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 (Media Overflow Room located in 304 Cannon)

OPENING STATEMENT:   Edward J. Markey (watch)

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

Read the full transcript HERE.

 

VIDEO:

Full video archive of hearing.

 


Chairman Ed Markey opening statement.

Markey questions Exxon's Simon.

Rep. Jay Inslee questions panel.

 

PHOTOS:

(To enlarge and download, please right click on each picture.)

Full Select Committee opens hearing.

Members of the press ready for Oil Executives testimony.

Markey looks for answers from Exxon's Simon.

ConocoPhillips takes questions from the media.

Picture of the hearing room.

Rep's Cleaver, Herseth-Sandlin and Solis.

Exxon's Simon replies to a question from Select Committee.

Select Committee Members listens to testimony.

LEGISLATION:

HR 5351 -- the Renewable Energy and Energy Conservation Tax Act of 2008

CHARTS

Price of Oil

Oil Profits 

Return to Select Committee Hearing Testimony from the 110th Congress »


 Print This Page