Executives from two of the largest oil companies in the world are scheduled to be on Capitol Hill this week to answer questions about “hot fuel.”
Rep. Dennis Kucinich, D-OH, chairman of the U.S. House Committee on Oversight and Government Affairs’ Subcommittee on Domestic Policy, will open the hearing at 10 a.m. Eastern time on Wednesday, July 25, with comments and questions for executives from ExxonMobil Corp. and Shell Oil Co.
During the hearing, click here to watch it live. After the hearing the same link will have the hearing archived online.
“Hot fuel” refers to retail diesel or gasoline sold at temperatures higher than a 60-degree standard used for more than a century in wholesale transactions. The warmer the fuel, the more it expands, leaving consumers paying for fuel energy they are not getting.
Kucinich stated in a press release he wants to know why fuel retailers chose to voluntarily implement devices on fuel pumps in Canada to account for temperature while U.S. retailers have steered clear of temperature compensation.
Kucinich’s subcommittee staff released in a report June 8 that hot fuel will cost American consumers an extra $1.5 billion this summer alone.
Testifying on behalf of ExxonMobil Corp. is scheduled to be Ben Scoraci, U.S. retail sales director for the corporation’s marketing company. Testifying for Shell Oil Co. is scheduled to be Hugh Cooley, president and general manager of the company’s National Wholesale and Joint Ventures division.
– By David Tanner, staff writer