CAPITOL HILL (AP) -- Congressman Edward Markey says the biggest
April Fool's joke of all "is being played on American families by Big
Oil."
Markey's select committee is hearing testimony today,
Tuesday, April 01, 2008, from top executives of the five largest U.S.
oil companies. The Massachusetts Democrat wants an explanation for
record gasoline and oil prices and record profits for the oil companies.
In
prepared testimony, Shell Oil president John Hofmeister said that he
knows that "cost increases are hitting consumers hard, particularly the
poor and those on fixed incomes."
But Hofmeister and the
other executives said their companies should not be blamed for the high
prices. They also argued that their profits are only slightly higher
than those of other major industries.
Recently, oil prices
peaked at $111 a barrel. There's also speculation that Americans could
see $4 a gallon gasoline in the coming months.
(Copyright 2008 by The Associated Press. All Rights Reserved.)