CBS "Early Show" - Transcript

Interview

CBS "Early Show"

MS. RODRIGUEZ: Joining us now to talk more about today's hearing (regarding rising gas prices) is the (Energy Independence and Global Warming) committee's chairman, Congressman Ed Markey of Massachusetts.

Good morning to you, Congressman.

REP. MARKEY: Good morning.

MS. RODRIGUEZ: These oil executives are enjoying record profits while we're paying record prices. You and a lot of Americans say that's wrong, but they're pretty steadfast in their justification. What can you possibly say, or what can happen at these hearings that will change things?

REP. MARKEY: Well, Exxon reported $40 billion worth of profits last year. The five oil companies testifying today reported $123 billion worth of profits last year. The price of a gallon of gasoline has gone from $1.50 on the day that George Bush was sworn in as president to $3.29, as you just reported, and as high as $4.00 in other parts of America.

So these unjustifiable profits are reflected in how little some of these companies put into renewable energy resources to find an alternative to oil and the incredible profits which the companies report. And it's time for them to come to explain to the Congress, but more importantly to the American people, what they plan on doing on alleviating this enormous attack upon consumers and upon the American economy, which oil prices represent.

MS. RODRIGUEZ: But Congressman, they're going to have an answer and a counter for everything that's going to be brought up at these hearings. How do you get this hearing -- how do you keep it from being just a debate that doesn't end with either side giving in? How do you get solutions for this?

REP. MARKEY: Well, we have to move beyond this oil economy. We have to move to a renewable energy economy. For example, Exxon only spent $10 million on renewables last year, even as they reported $40 billion worth of profits. So we could never get out of this trap as long as the oil companies want to hold us hostage to this old agenda.

So it's time for us to get the answers from the oil executives as to what they're going to do in the short term to keep prices as low as possible to help with this real attack upon the economy. And in the long run, what are they going to do to shift the focus to the renewable energy agenda? Otherwise consumers are just going to continue to be tipped upside down at the pump and have money shaken out of their pockets every time they go to fill up.

MS. RODRIGUEZ: All right, Congressman Ed Markey, we'll be watching the hearing. Thank you so much.

REP. MARKEY: Thank You

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