Topic: Marvin Odum
Five oil CEOs testified Thursday that a Senate bill to shrink their companies' tax breaks would mean less domestic oil production and higher gasoline prices. Democrats cite firms' big profits.
At Tuesday's congressional hearing, legislators criticized four Big Oil companies for being no more prepared for a large spill than BP.
Secretary of the Interior Ken Salazar announced that no new drilling permits would be released until a safety review ordered by Obama is released later this month. The BP oil spill has increased calls by environmentalists for a permanent ban on offshore drilling.