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The Scene Is Set: Almost two months ago, Exxon(NYSSE:XOM) acknowledged that its 2007 profits were the highest ever recorded by a publicly-traded company. A few weeks later, the House of Representatives responded to Big Oil's gargantuan profits by passing a bill that would redirect the $18 billion in tax breaks currently enjoyed by the oil industry into companies that are developing renewable energy resources. The bill has been shot down in the Senate, and President Bush has promised to veto it if it ever comes across his desk.

Tuesday witnessed the next step in the drama. Representatives of the top five oil companies, Exxon Mobil, Royal Dutch Shell(NYSE:RDS.A), BP(NYSE:BP), Chevron (NYSE:CVX)and Conoco Phillips(NYSE:COP) appeared before Congress to explain their record profits amid the growing gas crisis. The stage was ready, and the tension was palpable...

Continue reading Clash of the titans: Oil execs face Congress

Clash of the titans: Oil execs face Congress originally appeared on BloggingStocks on Fri, 04 Apr 2008 16:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Congressioal hearingsCongressioalHearingsexxonfeaturedinthenewsoiloil executivesoil profitsOilExecutivesOilProfitsXOMFri, 04 Apr 2008 16:01:00 EST<![CDATA[Oil execs at Congress today: Defending tax breaks, explaining oil prices]]>http://www.bloggingstocks.com/2008/04/01/oil-executives-at-congress-today-defending-tax-breaks-explaini/http://www.bloggingstocks.com/2008/04/01/oil-executives-at-congress-today-defending-tax-breaks-explaini/http://www.bloggingstocks.com/2008/04/01/oil-executives-at-congress-today-defending-tax-breaks-explaini/#commentsFiled under: , , , , , , , , , , , , ,

U.S. lawmakers are going to get their chance today to ask executives from five of the world's largest oil companies what their take is on current gasoline prices.

Executives from the top three American oil companies -- Exxon Mobil (NYSE: XOM), Chevron (NYSE: CVX) and ConocoPhillips (NYSE: COP) -- will be present at today's hearing, as well as executives from BP (NYSE: BP) and Royal Dutch Shell (NYSE: RDS.A). While the executives are predictably going to blame the current high gasoline prices on surging oil, it will still be interesting to see just how hard lawmakers hit the executives.

For the executives, it can't be a good feeling to be walking into today's hearing. The hearing is being called "Drilling for Answers: Oil Company Profits, Runaway Prices and the Pursuit of Alternatives." The hearings will be chaired by Rep. Ed Markey of Massachusetts, who in the past has been a vocal critic of the oil industry.

Continue reading Oil execs at Congress today: Defending tax breaks, explaining oil prices

Oil execs at Congress today: Defending tax breaks, explaining oil prices originally appeared on BloggingStocks on Tue, 01 Apr 2008 10:22:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>$100 oil$100Oilalternative energyAlternativeEnergyBPcapitol hearCapitolHearChevroncongressConocoPhillipsCOPCVXExxon MobilExxonMobilfeaturedgasoline pricesGasolinePriceslawlegaloiloil executivesoil pricesOilExecutivesOilPricesXOMTue, 01 Apr 2008 10:22:00 EST