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Oil execs refuse to testify for profiteering Original Source Link: (May no longer be active)    http://today.reuters.com/news/newsArticle.aspx?type=politicsNews&storyID=2006-01-30T221617Z_01_N30315778_RTRUKOC_0_US-ENERGY-CONGRESS-GASOLINE.xml&archived=False http://today.reuters.com/news/newsArticle.aspx?type=politicsNews&storyID=2006-01-30T221617Z_01_N30315778_RTRUKOC_0_US-ENERGY-CONGRESS-GASOLINE.xml&archived=False Oil execs refuse to testify at U.S. Senate hearing Mon Jan 30, 2006 5:16 PM ET WASHINGTON (Reuters) - Officials from six major oil companies have refused to testify this week at a Senate hearing looking into whether oil industry mergers in recent years have made gasoline more expensive at the pump. With oil companies reporting record profits from higher energy prices, consumer groups have complained that mergers in the industry have stifled competition. Exxon Mobil said on Monday it earned $10.7 billion in the fourth quarter of last year and $36.1 billion for all of 2005 -- bigger than the economies of 125 countries. The Senate Judiciary Committee, which is holding the hearing on Wednesday morning, said it asked representatives from Exxon Mobil, Chevron, ConocoPhillips, Valero Energy and the U.S. units of BP and Royal Dutch Shell to tell their side of the story. "All declined the invitation to testify," the committee said in a statement on Monday, without providing details. The companies, with the exception of Valero, took a beating at a Senate hearing last November on the industry's soaring profits at the time and high energy prices. Bill Kovacic, a member of the Federal Trade Commission, is scheduled to testify at Wednesday's hearing. The FTC is investigation whether oil companies manipulated gasoline prices and oil refining production levels. The agency plans to finish its probe and send its findings to Congress this May. Connecticut Attorney General Richard Blumenthal will also testify. The price for gasoline jumped 2.1 cents over the last week to a national average of $2.36 a gallon, up 45 cents from a year ago, the government said on Monday. © Reuters 2006. All Rights Reserved.

21 california refineries probed in gas increases Bush warns of tough summer with higher petrol prices Chevron profit soears to record high { December 2006 } Crude oil jumps above 65 on iran nigeria supply Ethanol switch cited for outages at houston gas stations { April 28 2006 } Exxon makes corporate historical record profits { January 30 2006 } Fuel delivery problems caused by ethanol switch Oil at all time record since 1980 in { June 2006 } Oil execs refuse to testify for profiteering Oil falls a second day on adequate fuel supplies Oil falls on iran letter to push { May 8 2006 } Oil firms in line for 7b royalty break { February 14 2006 } Oil high despite oil inventories record highs { February 2006 } Oil hits record 74 on iran fears { March 2006 } Oil hits three month high on iran concerns Oil prices not driving up inflation { May 21 2006 } Shell closes good california refinery during shortage Stocks drop as oil hits new highs Files Listed: 18

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