🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

House oversight panel postpones Big Oil hearing amid Ukraine crisis

Published 03/02/2022, 03:16 PM
Updated 03/02/2022, 04:21 PM
© Reuters. FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/File Photo
CVX
-
RDSa
-
XOM
-
BP
-

By Valerie Volcovici

WASHINGTON (Reuters) - The House of Representatives oversight panel has postponed its hearing on oil companies' climate change disinformation due to the crisis in Ukraine but has asked the board members it had invited to testify to turn in documents by the end of next week, a committee staffer told Reuters on Wednesday.

The congressional committee in January invited board members from Exxon Mobil Corp (NYSE:XOM), Royal Dutch Shell (LON:RDSa) Plc, Chevron Corp (NYSE:CVX) and BP (NYSE:BP) Plc to testify on Feb. 8 about the industry's role in climate change and spreading "disinformation" about that role and their proposed solutions.

The committee postponed that hearing to March 8 after none of the board members had been available to testify on the first proposed date but said they were available on other dates. The panel will reschedule the hearing "as soon as possible" as it focuses on oversight of the Russian invasion of Ukraine.

A committee spokesperson said it will hold the board members to the March 8 deadline to turn in relevant documents related to subpoenas issued to the companies' chief executives after they were grilled in the first of the panel's hearings on climate disinformation.

"We made clear to the companies last night that the March 8 deadline for producing long-overdue documents in response to our subpoenas remains unchanged," the spokesperson said by e-mail.  

© Reuters. People walk near the booth of the Exxon Mobil Corp at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

Exxon, Shell and BP announced earlier this week that they were ceasing their operations in Russia as a result of its invasion of Ukraine, upending oil supply in the months ahead and driving up oil prices beyond $110 a barrel.

The committee spokesperson said it plans to continue to "aggressively investigate Big Oil’s" role in fueling the climate crisis, especially in light of a report released on Monday by U.N. climate scientists who called for drastic action to respond to worsening climate impacts.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.