Don’t blame us for prices – oil execs

A Senate Judiciary Committee seeks answers from Big Oil execs for rising oil prices on day that crude crossed $130 a barrel.

NEW YORK (CNNMoney.com) — Amid increasing public outcry over record-shattering oil and gas prices, senators on Wednesday hauled industry executives in to testify about the recent runup.

The Senate Judiciary Committee called the hearing to explore the skyrocketing price of oil, which jumped over $4 a barrel to a new record of over $133. The committee grilled executives from Exxon Mobil, ConocoPhillips Co.), Shell Oil Co., Chevron and BP as to how their companies can in good conscience make so much money, while American drivers pay so much at the pump.

“You have to sense what you’re doing to us – we’re on the precipice here, about to fall into recession,” said Sen. Richard Durbin, D-Ill. “Does it trouble any one of you – the costs you’re imposing on families, on small businesses, on truckers?”

The executives said it did, and that they are doing all they can to bring new oil supplies to market, but that the fundamental reasons for the surge in oil prices are largely out of their control.

“We cannot change the world market,” said Robert Malone, chairman and president of BP America Inc. “Today’s high prices are linked to the failure both here and abroad to increase supplies, renewables and conservation.”

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