Source: Reuters via Yahoo News
Capitol Hill held hearings on Tuesday to find out what firms plan to do to end American's pain at the pump. I'm going to go out on a limb and guess the answer is nothing.
WASHINGTON (Reuters)--U.S. oil company executives went to Capitol Hill on Tuesday to defend their companies' billions of dollars in record profits that have sparked public outrage and said industry mergers have helped consumers.
The Senate Judiciary Committee held a hearing on the effects that mergers of oil and natural gas companies have had on energy supplies and what the firms plan to do to end Americans' pain at the pump.
Executives from oil giants Exxon Mobil Corp., Chevron Corp., ConocoPhillips, the U.S. units of BP Plc and Royal Dutch Shell Plc and major oil refiner Valero Energy Corp. testified under oath.
Their companies earned well over $100 billion in collective profits last year.
Addressing the committee's concerns on whether oil mergers and acquisitions have boosted gasoline pump prices, new Exxon Chairman Rex Tillerson said: "My answer is no."
They have some good things going for them: world conflicts to justify gouging customers and an "oil company friendly" president.
I'm pretty sure these hearings are a huge waste of time.
Tags: [Capitol Hill oil hearings], [American's pain at the pump], [billions of dollars in record profits], [industry mergers], [oil war]
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