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Uploaded on Apr 1, 2008
The Select Committee on Energy Independence and Global Warming holds a hearing, "Drilling for Answers on Oil and Gas Prices, Profits, and Alternatives." Top-level executives from the five largest oil companies will discuss the current state of oil and gas prices, oil company profits, and the need for clean, renewable fuels to ease demand for oil and cut global warming pollution. The Select Committee will hear from the number two officers worldwide for the three United States-based oil companies and the presidents of U.S. operations for the foreign companies. ExxonMobil reported record profits of $40.6 billion in 2007, and the other top four oil companies like BP and Shell made billions more. These same companies are fighting to keep $18 billion in tax breaks that Congress is attempting to shift towards renewable energy incentives for wind, solar, biomass and other climate-friendly sources. The House recently passed the Renewable Energy and Energy Conservation Tax Act of 2008, but President Bush and the top oil companies are fighting to defeat the measure in the Senate. Chairman Ed Markey questions the executives.