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Oil execs to testify before Congress this week about profits

A joint Senate committee is scheduled to hear the testimony of executives from the top five oil companies Wednesday, Nov. 9.

Members of the Senate’s Energy and Commerce committees organized the hearing as part of an investigation into skyrocketing oil prices – and oil company profits – in the wake of this year’s hurricane season.

CNN reported that executives from Chevron, ExxonMobil, ConcoPhillips and the U.S. divisions of BP and Shell Petroleum are scheduled to be called to defend profits made by their companies.

The hearing also will feature Federal Trade Commission Chair Deborah Platt Majoras as well as state attorneys general from New Jersey, South Carolina and Arizona.

Both New Jersey and South Carolina have brought price gouging lawsuits against oil companies and gas station owners in those states, CNN reported.

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