Sutton Seeks Answers from Oil Company Executives about Record High Gas Prices
Press Release
Sutton Seeks Answers from Oil Company Executives about Record High Gas Prices
Questions Arise Over Record Breaking Profits and Little Investment in Alternative and Renewable Energy Initiatives
Today, Congresswoman Betty Sutton questioned oil company executives at a hearing in the House Committee on the Judiciary.
"There is no issue that I am hearing more about from my constituents than gas prices. They are outraged by what they are paying and frankly so am I," said Sutton. "Throughout the President's time in office, he has consistently claimed that all is well with our economy. My constituents know this is not the case."
"People are losing their jobs and those who manage to hold on while our nation's manufacturing base has collapsed around them, have seen the value of their wages diminished greatly," continued Sutton. "Now people are spending up to $70 to fill their tanks to drive to work, take their children to school, and go about their daily lives."
Sutton grilled the executives on issues ranging from the secret meetings of oil executives with Vice President Cheney in 2001 to the very small investments made by oil companies in alternative and renewable energy initiatives, despite their record profits.
"In 2007, the oil industry recorded record profits of $155 billion, 75% of which was earned by the companies who are here today. Exxon Mobil alone made $40 billion last year," said Sutton. "It is the prerogative of the American people to know how these companies are possibly in need of the subsidies that the Administration has lavished upon them, while families across our country are suffering to make ends meet. I have expressed concern about this Administration's energy policy, which was written in secret by the Vice President. I will continue to seek answers from these companies about the nature and extent of their involvement in the meetings which led to this Administration's energy policy."
The oil executives who testified at the hearing are:
1. John Hofmeister, U.S. President, Shell Oil Company
2. Peter Robertson, Vice Chairman of the Board, Chevron Corporation
3. John Lowe, Executive Vice President, ConocoPhillips
4. Bob Malone, Chairman and President, BP America
5. Stephen Simon, Senior Vice President, Exxon Mobil Corporation
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