Oil execs defend huge profits before Senate
“Trust us, if we could just get our hands on ANWAR, open off-shore drilling, sue OPEC and get our hands on Iraqi oil then everybody could go home and we could forget about this supply and demand non-sense.”
BP America Chairman Robert Malone, Shell Oil President John Hofmeister, Chevron Vice Chairman Peter Robertson; ConocoPhillips Executive Vice President John Lowe, and ExxonMobile Senior Vice President J. Stephen Simon are sworn in on Capitol Hill Wednesday prior to testifying before a Senate hearing on oil prices.
WASHINGTON - Since regular people are scrimping to pay for gasoline to go to work, Sen. Patrick Leahy wanted to make it personal for the men of Big Oil.
How much money did you make last year? the Vermont Democrat asked the top executives of the country’s five biggest oil companies. They had been summoned to a Senate hearing to explain the extraordinarily high cost of oil and gasoline and their companies’ profits.
Three executives said their compensation was in the millions. Two said they didn’t know.
