Oil CEOs on the Hot Seat - Wall Street Journal

With gas prices above $4 a gallon in much of the country, Democrats and Republicans are squaring off over whether to cut tax credits for oil companies enjoying a banner profit year.

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Chastened by criticism of rising gas prices, the Obama administration has approved a plan for Shell to begin drilling for oil in the Gulf of Mexico. WSJ's Joseph B. White says it's the second permit approved for the gulf since the BP oil spill last year. Senate Democrats plan to grill the CEOs of Exxon Mobil Corp., Chevron Corp., ConocoPhillips and the U.S. units of BP PLC and Royal Dutch Shell PLC about the taxes they pay at a Finance Committee hearing on Thursday.

Oil CEOs on the Hot Seat - Wall Street Journal