Oil execs questioned on high oil and gasoline prices
Executives from five huge oil companies were questioned by members of Congress Tuesday amid frustration over high oil and gasoline prices. Big-wigs from BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell did their best to eschew blame for high prices while explaining that they still need billions of dollars in subsidies. They also said increasing taxes on dirty energy to fund renewables isn’t such a good idea. “Raising taxes on oil and gas production to subsidize alternatives will likely lead to less energy production, not more,” said J. Stephen Simon, an ExxonMobil VP. What’s more, they said, high oil and gasoline prices are caused in part by not being allowed to drill in the Arctic National Wildlife Refuge and most U.S. waters offshore. But overall, life as an oil company executive isn’t just luxury and profit. Life can be difficult when so many people want what you’re selling. “We’re working darn hard [to meet demand]. We have a challenge to meet. So life is not easy,” said Chevron exec Peter Robertson.