Oil Companies Threaten Congress
Tuesday, March 14, 2006
(SNN Washington) Today marked the second time in four months that Congress has called on top oil executives to explain high prices. Executives adamantly denied that oil company mergers were the source of the problem.
The Senate Judiciary Committee held a hearing to the effects that mergers of oil companies have had on energy supplies and if these companies have plans to lower gasoline prices.
When asked if mergers and acquisitions had raised gasoline prices, Exxon Chairman Rex Tillerson said, "My answer is no." Tillerson was obviously suggesting that that price of gasoline was caused by collusion which would occur no matter how many oil companies there were. Exxon alone earned more than $36 billion last year, the biggest profit ever for a U.S. company.
The company executives told lawmakers that, if they want lower energy prices, they need to open restricted U.S. federal lands and offshore waters to more oil and natural gas drilling. In addition, Shell Oil Company President John Hofmeister then told the Senators that if they wanted the United States to continue to receive gasoline, they should mind their own damn business.
Chevron Chairman David O'Reilly refused to answer any questions from the senators, but did express his opinion by wearing a giant hat that said, "Suck it."