Oil companies balk at senate probe

| 2/1/2006

The Senate Judiciary Committee met Wednesday, Feb. 1, to examine the effect mergers have had on oil inventory profits.

The oil industry in question, however, refused to participate.

Representatives from Exxon Mobil Corp., ConocoPhillips, Shell Oil Co., Chevron, BP America and Valero Energy Corp. were all asked to testify, but all declined, claiming they couldn’t fit it into their schedules on such short notice, according to The Houston Chronicle.

The hearing was called just days after both Exxon Mobile and Chevron reported record profits for the fourth quarter of the 2005 fiscal year.