Home / Markets / Industries / Energy
Wednesday, May 21, 2008
Oil Executives Testify Before Congress
Associated Press
Senators told oil executives Wednesday that high oil prices cannot be explained by supply and demand and the oil industry's concentration -- and OPEC price collusion -- is contributing to the costs facing consumers.
Executives of the five largest oil companies were appearing before the Senate Judiciary Committee.
Committee Chairman Patrick Leahy, D-Vt., said there's an unexplained "disconnect" between prices -- at nearly $130 a barrel
-- and legitimate supply and demand.
"We need to get prices under control.... We can only conclude that the oil markets have failed," said Sen. Herbert Kohl, D-Wis.
But Shell Oil Co. Chairman John Hofmeister said the prices can be explained, saying, "The fundamental laws of supply and demand are at work."
Fox Business Video
-
-
The Business of Sports
-
Nov 7, 2009
FOXBusiness.com LIVE
-
-
-
Jim Caviezel: Hollywood and th...
-
Nov 7, 2009
Actor in life in film
-
-
-
Ticker Tape Parade Invades Downtown
-
Nov 7, 2009
Yankees celebrate 27th World Series win
-
-
-
Cavuto Business Report 11-06-09
-
Nov 7, 2009
Business Report: Cavuto
-
-
-
Pro Poker Player: $2M in 2 Months
-
Nov 7, 2009
Pro Poker player on growing success of sport
-
