Five Major Oil CEOs Asked to Testify Before Congress

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Five Major Oil CEOs Asked to Testify Before Congress

WASHINGTON -- Congressional Democrats called chief executives of the five largest U.S. oil companies earlier this week to testify before a committee on April 1, to discuss the oil industry's tax breaks and investment in renewable fuels, Dow Jones Newswires reported.

The U.S. House Select Committee on Energy Independence and Global Warming chairman, Representative Ed Markey (D-Mass.) sought to use the hearing to pressure oil companies over a stalled effort to take away tax breaks and use the savings to finance investments in renewable energy, the report stated.

A committee spokesman told Dow Jones requests have been sent to the executives of ExxonMobil Corp., Chevron Corp., ConocoPhillips, Shell plc and BP plc.

"The American people deserve answers from Big Oil," Markey said in a statement cited by Dow Jones. "The top 5 oil companies made record profits last year, and yet are continuing to hold onto tax breaks that could be used to advance the clean fuels of the future. Americans are not going to find the answers at the bottom of a gas tank, so we will seek to bring the CEOs of these companies to Congress and to the American people."