The Oil Executives' Testimony:


Oregon Sen. Ron Wyden:  “President [Bush] said, and I quote: ‘with $55 oil, we do not need to incentives for oil and gas companies to explore. There are plenty of incentives.’ ... Is the President wrong when he says we do not need incentives for oil and gas exploration?  If I could just have a yes or no answer, going right down the row beginning with you, Mr. [Lee] Raymond [then CEO of ExxonMobil].”

Mr. Raymond: “No, I do not think our company has asked for any incentives for exploration.”

Sen. Wyden: “Sir?”

David J. O’Reilly, Chairman & CEO, ChevronTexaco: “Agreed.”

James J. Mulva, Chairman & CEO, ConocoPhillips: “In my oral comments, I said what we do not need.  What we do need, though, is access-”

Sen. Wyden: “Just a yes or no.”

Mr. Mulva: “Yes.”

Sen. Wyden: “Sir? The President is correct?”

Ross J. Pillari, President & CEO, BP America: “He is correct.”

Sen. Wyden: “Sir?”

John Hofmeister, President, Shell Oil Co.: “Yes, he is.”