Oil Executives To Testify On Hill This Week

By Daniel W. Reilly

(The Politico)  Executives from five oil companies should expect to hear an earful from members of Congress this week, as top industry officials will testify Thursday before the House Judiciary Committee in a forum on rising gas prices.

The officials will appear before the committee's "Task Force on Competition Policy and Antitrust Laws."

With Americans now paying an average of $3.79 per gallon according to AAA, don't expect many lawmakers to play nice with the executives, as the country heads into the busy summer driving season.

Earlier this month, congressional Democrats unveiled an energy package which would rescind $17 billion in tax breaks for oil companies and include a 25% "windfall profits tax" against the top oil companies, if the companies do not reinvest profits back into increasing refinery capacity or renewable energy sources.

Both measures face vigorous opposition from both congressional Republicans and the White House.

Set to testify before the committee are John Hofmeister, the U.S. president of the Shell Oil Company and Robert Malone, the chairman and president of BP America.

Executives from Exxon Mobil, Chevron, and ConocoPhillips will also appear at the panel, which begins at 11am on Thursday.

According to a release from the Judiciary Committee, an OPEC representative was invited, "but was unable to confirm for this date."