The Cost of Oil

Oil execs testified in front of the House Select Committee on Energy Independence and Global Warming yesterday.

House members took the oil big wigs to task on their jaw-dropping profits and the soaring price of gas, as well as the need for clean, renewable energy.

In an article by the Washington Post Rep. Emanuel Cleaver II (D-Mo.) was quoted as saying, "Your approval ratings are down lower than ours [Congress], and that means you are down low." An astute, accurate, and self-deprecating observation.


No clear blame was really laid as the oil executives shot back at Congress for causing high gas prices- citing restrictions on off-shore drilling as the real source of the problem. The high level officials from companies like ExxonMobil and BP also claimed to be major contributors of the move toward alternative fuel sources.

All I know for sure about the situation is that when I first bought my '02 Honda Civic I could fill up for around $15. Now, living in an area with some of the country's highest gas prices, I'm lucky if I get half a tank for that.


Photos, videos and transcripts from the hearing can be found here.