Untitled Document
Taking a Closer Look at the Stories Ignored by the Corporate Media
Donate | Fair Use Notice | Who We Are | Contact

NEWS
All News
9-11
Corporatism
Disaster in New Orleans
Economics
Environment
Globalization
Government / The Elite
Human Rights
International Affairs
Iraq War
London Bombing
Media
Police State / Military
Science / Health
Voting Integrity
War on Terrorism
Miscellaneous

COMMENTARY
All Commentaries
9-11
CIA
Corporatism
Economics
Government / The Elite
Imperialism
Iraq War
Media
Police State / Military
Science / Health
Voting Integrity
War on Terrorism

SEARCH/ARCHIVES
Advanced Search
View the Archives

E-mail this Link   Printer Friendly

CORPORATISM -
-

Oil execs refuse to testify at Senate hearing

Posted in the database on Wednesday, February 01st, 2006 @ 11:21:39 MST (2242 views)
from Reuters  

Untitled Document
A customer fills up his vehicle with gasoline at a gas station in Los Angeles August 16, 2005. Officials from six major oil companies have refused to testify this week at a Senate hearing looking into whether oil industry mergers in recent years have made gasoline more expensive at the pump. (Mario Anzuoni/Reuters)

Officials from six major oil companies have refused to testify this week at a Senate hearing looking into whether oil industry mergers in recent years have made gasoline more expensive at the pump.

With oil companies reporting record profits from higher energy prices, consumer groups have complained that mergers in the industry have stifled competition.

Exxon Mobil said on Monday it earned $10.7 billion in the fourth quarter of last year and $36.1 billion for all of 2005 -- bigger than the economies of 125 countries.

The Senate Judiciary Committee, which is holding the hearing on Wednesday morning, said it asked representatives from Exxon Mobil, Chevron, ConocoPhillips, Valero Energy and the U.S. units of BP and Royal Dutch Shell to tell their side of the story.

"All declined the invitation to testify," the committee said in a statement on Monday, without providing details.

The companies, with the exception of Valero, took a beating at a Senate hearing last November on the industry's soaring profits at the time and high energy prices.

Bill Kovacic, a member of the Federal Trade Commission, is scheduled to testify at Wednesday's hearing.

The FTC is investigation whether oil companies manipulated gasoline prices and oil refining production levels. The agency plans to finish its probe and send its findings to Congress this May.

Connecticut Attorney General Richard Blumenthal will also testify.

The price for gasoline jumped 2.1 cents over the last week to a national average of $2.36 a gallon, up 45 cents from a year ago, the government said on Monday.



Go to Original Article >>>

The views expressed herein are the writers' own and do not necessarily reflect those of Looking Glass News. Click the disclaimer link below for more information.
Email: editor@lookingglassnews.org.

E-mail this Link   Printer Friendly




Untitled Document
Disclaimer
Donate | Fair Use Notice | Who We Are | Contact
Copyright 2005 Looking Glass News.