WASHINGTON Oil executives Lee Raymond, chairman and CEO of Exxon Mobil Corp.; David O'Reilly, chairman and CEO of Chevron Corp.; James Mulva, chairman and CEO of ConocoPhillips; Ross Pillari, president and CEO of BP America Inc.; and John Hofmeister, president and U.S. country chair for Shell Oil Co., have been called to testify before a joint hearing of the Senate Energy & Natural Resources Committee and the Committee on Commerce, Science & Transportation on November 9.
As reported in CSP Daily News, the hearing will deal with energy prices [image-nocss] and corporate profits.
The first panel will hear testimony from these chief executives. They will discuss the record prices of oil, gasoline and natural gas and factors affecting those prices. They will discuss third-quarter 2005 corporate profits and are expected to answer questions on a variety of issues including global demand, resource development strategies and windfall profits taxes.
The committees will also hear testimony from the chairman of the Federal Trade Commission (FTC), Deborah Platt Majoras, and state attorneys general Peter C. Harvey (N.J.), Henry McMaster (S.C.) and Terry Goddard (Ariz.).
These witnesses will discuss the effectiveness of federal and state consumer protection laws designed to prevent occurrences of price gouging during supply disruptions.
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