Nick Snow
Washington Editor
WASHINGTON, DC, Mar. 12 -- Responding to record crude oil prices, US Rep. Edward J. Markey (D-Mass.) announced Mar. 11 that the House Select Committee on Energy Independence and Global Warming, which he chairs, will summon chief executives from the five biggest major oil companies to testify at an Apr. 1 hearing.
"The American people deserve answers from Big Oil. The top five oil companies made record profits last year, and yet are continuing to hold on to tax breaks that could be used to advance the clean fuels of the future," said Markey.
The committee has scheduled the hearing for Apr. 1, the first date available after Congress returns from its planned spring district recess. "It's time for these top oil company CEOs to look Americans in the face and tell them why they can't support new solutions," Markey said.
The House on Feb. 27 passed HR 5351, which would continue funding for alternative and renewable energy projects by denying oil and gas companies $18 billion in incentives. The bill faces an uncertain future in the Senate, and President George W. Bush has threatened to veto it.
Also on Mar. 11, the US Energy Information Administration issued its latest short-term energy outlook. The forecast retained its estimate that monthly average retail gasoline prices should peak around $3.50/gal in May but added, "There is a significant possibility that prices during some shorter time period, or in some region or subregion, will cross the $4/gal threshold."
Contact Nick Snow at [email protected].
