Oil Executives testify on the Hill
Update: Afternoon session of hearings cancelled due to protester disturbances…
CNBC live feed here
Waxman should be teeing up the industry for Obama to hit in his address to the nation tonight…
will the executives of the other big oil companies throw BP under the bus? Is it fair to ask since BP has dragged the entire industry under the wheels of the Obama Administration?
…U.S. lawmakers will ask Lamar McKay why BP made repeated choices that appeared to favor cost savings over safety before its rig blew up in the Gulf of Mexico….
…McKay, the head of BP America, will be surrounded at the congressional hearings by executives from Exxon Mobil, Chevron, ConocoPhillips and Royal Dutch Shell seeking to stave off repercussions for the industry.McKay’s rivals are likely to hang him out to dry in a rush to prove their companies would never take such risks or face such failures as the spill that has poured millions of gallons of oil into the Gulf of Mexico.
“This incident represents a dramatic departure from the industry norm in deepwater drilling,” Exxon Mobil Chairman and Chief Executive Rex Tillerson said in prepared testimony….