Big Oil Grilling

Some senators got an early start on summer grilling season Wednesday by putting the heat on Big Oil.

As crude oil prices jumped over $4 to settle at more than $133 a barrel, oil company executives faced tough questions from the Senate Judiciary Committee on why prices continue to climb.

The oil executives defended their profits and the price increases with statements such as, “The fundamental laws of supply and demand are at work,” made by John Hofmeister, chairman of Shell Oil.

They also brought up biofuels and restrictions on drilling for oil in the United States. Peter Robertson with Chevron Corporation said, “Congress has recently made some hard policy choices on renewables and energy efficiency. We hope you can also make the equally hard choices to open up more federal lands and allow us to responsibly produce more American oil and natural gas, which can supply us for decades to come.”

When asked directly about their own personal income last year, most of the five Big Oil execs were vague and evasive. Only J. Stephen Simon, executive vice president of Exxon Mobil, was specific and direct – $12.5 million. He’s probably not too worried about how much it costs to fill up his tank.