Renzi Calls for New Hearings to Investigate Excessive Retirement Package of Oil Company Executives and Rising Gas Prices

Renews Calls for Increased Use of Alternative Fuels to Offset Foreign Oil WASHINGTON, D.C. - Congressman Rick Renzi (AZ-1) has called for a new round of hearings to investigate oil company profits in response to rising oil prices and reports that Exxon is providing its retiring Chairman, Lee Raymond with a retirement package, according to a story in the New York Times, worth more than $400 million dollars. Renzi is calling for Congress to look closely at oil company profits, swelling executive salaries and the continuing rise of gas prices. "Rising oil prices threaten to hobble America's economy," said Congressman Renzi. "And if terrorist concerns and other world events were not troubling enough, now we see the outgoing chairman of Exxon fleecing our great nation. Enough is enough. This obscene retirement package makes a mockery of Americans who are forced to pay exorbitant gas prices just to get to work." Renzi noted that gas prices went up a whopping 40 cents last month and that the outgoing Exxon chairman's salary and bonuses meant that he was paid more than $144,000 a day or almost $6,000 an hour. Renzi is calling on Congress to pass meaningful alternative fuels and incentive programs to help move the U.S. away from dependence on foreign oil. Congressman Renzi is co-sponsoring legislation (HR 4357) in the House to help America become more energy independent with specific goals that will require ten percent blend of renewable fuels in American gasoline by 2010. "Oil supplies more than 99% of the fuel we use in our trucks and cars and this leaves our nation's economy incredibly vulnerable to price spikes," Congressman Renzi said. "America must step forward and lead the world in weaning ourselves off foreign oil. If we can produce more ethanol and bio-diesel to help fuel our vehicles, we will create jobs, boost local economies and produce cleaner burning fuels. This will keep dollars here at home where they can have a positive impact on our economy."