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HOUSE OF REPRESENTATIVES 

ONE HUNDRED TENTH CONGRESS 

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Serial No. 110–30 

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AND THE PURSUIT OF ALTERNATIVES 


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DRILLING FOR ANSWERS: OIL COMPANY PROFITS, 

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BEFORE THE

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HOUSE OF REPRESENTATIVES 

ONE HUNDRED TENTH CONGRESS 

SECOND SESSION 

APRIL 1, 2008 

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(II) 

SELECT COMMITTEE ON ENERGY INDEPENDENCE 

AND GLOBAL WARMING 

EDWARD J. MARKEY, Massachusetts, Chairman 

EARL BLUMENAUER, Oregon 

JAY INSLEE, Washington 

JOHN B. LARSON, Connecticut 

HILDA L. SOLIS, California 

STEPHANIE HERSETH SANDLIN, 

South Dakota 

EMANUEL CLEAVER, Missouri 

JOHN J. HALL, New York 

JERRY MCNERNEY, California 

F. JAMES SENSENBRENNER, JR., 

Wisconsin 

Ranking Member 

JOHN B. SHADEGG, Arizona 

GREG WALDEN, Oregon 

CANDICE S. MILLER, Michigan 

JOHN SULLIVAN, Oklahoma 

MARSHA BLACKBURN, Tennessee 

PROFESSIONAL STAFF

GERARD WALDRON, Staff Director 

ALIYA BRODSKY, Chief Clerk 

THOMAS WEIMER, Minority Staff Director 


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C O N T E N T S 

Page 

Hon. Edward J. Markey, a Representative in Congress from the Commonwealth of Massachusetts, opening statement .................................................... 1 

Prepared statement .......................................................................................... 3 

Hon. F. James Sensenbrenner, Jr., a Representative in Congress from the 

State of Wisconsin, opening statement .............................................................. 5 

Hon. Earl Blumenauer, a Representative in Congress from the State of Oregon, opening statement ...................................................................................... 6 

Hon. John Shadegg, a Representative in Congress from the State of Arizona, 

opening statement ................................................................................................ 6 

Hon. Jay Inslee, a Representative in Congress from the State of Washington, 

opening statement ................................................................................................ 8 

Hon. Greg Walden, a Representative in Congress from the State of Oregon, 

opening statement ................................................................................................ 8 

Hon. John Larson, a Representative in Congress from the State of Connecticut, opening statement ................................................................................ 9 

Hon. Candice Miller, a Representative in Congress from the State of Michigan, opening statement ....................................................................................... 10 

Prepared Statement ......................................................................................... 12 

Hon. Emanuel Cleaver II, A Representative in Congress from the State of 

Missouri, opening statement ............................................................................... 21 

Prepared Statement ......................................................................................... 22 

Hon. John Sullivan, a Representative in Congress from the State of Oklahoma, opening statement .................................................................................... 23 

Hon. John Hall, a Representative in Congress from the State of New York, 

opening statement ................................................................................................ 23 

Hon. Marsha Blackburn, a Representative in Congress from the State of 

Tennessee, opening statement ............................................................................ 24 

Hon. Jerry McNerney, a Representative in Congress from the State of California, opening statement .................................................................................... 25 

Hon. Hilda Solis, a Representative in Congress from the State of California, 

opening statement ................................................................................................ 25 

Prepared statement .......................................................................................... 27 

Hon. Herseth Sandlin, a Representative in Congress from the State of South 

Dakota, opening statement ................................................................................. 28 

WITNESSES

Mr. J. Stephen Simon, Senior Vice President, Exxon Mobil Corp ....................... 29 

Prepared Statement ......................................................................................... 31 

Answers to Submitted Questions .................................................................... 187 

Mr. John Hofmeister, President, Shell Oil Company ........................................... 35 

Prepared Statement ......................................................................................... 37 

Testimony Attachment ..................................................................................... 47 

Answers to Submitted Questions .................................................................... 215 

Mr. Peter Robertson, Vice Chairman, Chevron ..................................................... 66 

Prepared Statement ......................................................................................... 68 

Answers to Submitted Questions .................................................................... 236 

Mr. John Lowe, Executive Vice President, ConocoPhillips .................................. 89 

Prepared Statement ......................................................................................... 91 

Answers to Submitted Questions .................................................................... 261 

Mr. Robert A. Malone, Chairman and President, BP America, Inc. ................... 130 

Prepared Statement ......................................................................................... 132 

Answers to Submitted Questions .................................................................... 311 


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IV 

SUBMITTED MATERIALS

National Petroleum Council, Hard Truths: Facing the Hard Truths About 

Energy, 2007 ......................................................................................................... 356 

Chevron Technology Ventures, Chevron Biofuels Research Collaborations, 

2008 ....................................................................................................................... 329

Hon. Joe Barton and Hon. John Dingell letter of June 7, 2006 from Lisa 

B. Barry ................................................................................................................ 353 


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DRILLING FOR ANSWERS: OIL COMPANY 

PROFITS, RUNAWAY PRICES AND THE PURSUIT OF ALTERNATIVES 

TUESDAY, APRIL 1, 2008 

HOUSE OF REPRESENTATIVES, 

SELECT COMMITTEE ON ENERGY INDEPENDENCE AND

GLOBAL WARMING, 

Washington, DC. 

The Committee met, pursuant to call, at 12:00 p.m., in Room 210 

Cannon House Office Building, Hon. Edward Markey [chairman of 

the Committee] presiding. 

Present: Representatives Markey, Blumenauer, Inslee, Larson, 

Solis, Herseth Sandlin, Cleaver, Hall, McNerney, Sensenbrenner, 

Shadegg, Walden, Miller, Sullivan, and Blackburn. 

Staff present: Morgan Gray. 

The Chairman. The Select Committee on Energy Independence 

and Global Warming is called to order, and we welcome all of you 

to our very important hearing today. 

Yesterday Americans saw that the price of gasoline hit a record 

high price. Today on April Fool’s Day, consumers all over America 

are hoping that the top executives from the five largest oil companies will tell us that these soaring gas prices are just part of some 

elaborate hoax. 

Unfortunately, it is not a joke. For nearly eight years this administration’s energy policy has been in the tank. Shortly after President Bush took office, the price of oil was under $20. A few weeks 

ago oil reached an all time record high of $111, and currently 

trades at about $100 a barrel. 

During the same period, the price of gasoline has nearly tripled 

from $1.11 a gallon in 2002, to yesterday’s all time high when it 

hit $3.29 a gallon. And as we approach the summer driving season, 

skyrocketing gas prices are likely to soar even higher. 

Each week American consumers go to the gas pump and pay the 

price for this administration’s failed energy policy. Twenty percent 

of all households in America make less than $20,000 a year. With 

gas prices at $3.29 a gallon, the poorest 20 percent of American 

households are spending nearly ten percent of their income just on 

gasoline. 

American consumers also know that the major oil companies are 

reaping a major financial windfall. Big oil’s profits have more than 

quadrupled over the last six years. Just last year alone Exxon 

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porate profit in history, and the five companies sitting before us 

today netted a combined $123 billion in profit in 2007. 

And what is the oil industry doing with all of this profit? Unfortunately, it goes as much to financial engineering as to renewal engineering. Last year the five largest oil companies spent more than 

$50 billion on schemes to prop up the price of their stock, and as 

they rake in the profits at a record clip, the major oil companies 

supported by the Bush administration are opposing legislation that 

would take $18 billion in tax breaks they currently receive and redirect it to renewable fuels and clean energy. In April of 2005, President Bush said, ‘‘With $55 a barrel oil, we 

don’t need incentives for oil and gas companies to explore,’’ and 

that was true in 2005. With the price of oil now doubled and our 

planet’s thermometer rising, this administration must end its opposition to the renewable energy incentive package that the House 

passed last month. 

So on April Fool’s Day the biggest joke of all is being played on 

American families by big oil while using every trick in the book to 

keep billions in federal tax subsidies even as they rake in record 

profits. 

Three things must happen immediately in order to insure the 

consumers can begin to get relief from high prices. First, the poorest Americans are now spending an average of ten percent of their 

income to pay for gasoline. We need the companies here today to 

make a similar commitment to American families and pledge to invest at least ten percent of their profits in renewable energy and 

biofuels, to develop alternatives that will help consumers. 

Second, your companies and the Bush administration must support, not oppose, legislation, that will unleash the renewable revolution we need in order to become energy independent and cut 

global warming emissions. 

And finally, the Bush administration must stop filling the strategic petroleum reserve during periods of high prices in order to 

send a signal to the market and oil speculators that Americans will 

not be held hostage by those high prices. For too long this administration’s energy policy has led to tax breaks for big oil and tough 

breaks for American families. American consumers should not have 

to break the bank to fill the tank. 

The American people deserve answers, and it is time for big oil 

to go on record about these record prices. 

And now I would like to recognize the Ranking Member of the 

Select Committee, the gentleman from Wisconsin, Mr. Sensenbrenner. 

[The prepared statement of Mr. Markey follows:] 


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Mr. SENSENBRENNER. Thank you, Mr. Chairman. 

Today’s hearing is about high gas prices, and it is an issue that 

my Wisconsin constituents understand all too well. Due to a host 

of factors, including one of the highest gasoline taxes in the nation, 

my constituents pay some of the highest gas prices in the nation. 

In fact, just yesterday the American Automobile Association 

showed that gasoline is more expensive in my district than it is in 

Manhattan. In both places gas is at least 50 cents a gallon higher 

than it was at this time last year. 

Already reports are showing that Wisconsin residents may soon 

be feeling even more pinched due to rising fuel costs. The Capital 

Times in Madison reported that freight truck drivers are feeling 

the weight of higher diesel prices, citing data from AAA Wisconsin 

that shows diesel averaging $4.08 a gallon, up more than 50 cents 

from just last month. 

The story correctly notes that about 80 percent of the goods 

shipped in the U.S. use diesel powered trucks. The truck drivers 

are feeling the pinch, but it is being passed on to all of us. In fact, 

the high price of oil is one reason why my local investor owned utility, We Energies, is asking state regulators to approve a rate hike. 

It is not surprising that gas and oil prices are going up. Worldwide demand is skyrocketing, too. Not only is there an increasing 

need for energy resources in this country, but countries like China 

and India have energy demands that far exceed their historical 

needs. 

One thing we know for sure is that the worldwide demand for 

energy resources is going to keep growing in the future and that 

we need an energy policy that will allow us to meet those needs 

without slowing the economy. 

Last May the Select Committee had a hearing on rising gas 

prices where we heard about the big impact that the oil and gas 

companies have on the economy. Everyone knows the impact that 

gasoline can have on goods in the market, but we also heard that 

these companies create a lot of good jobs and their expanded investment in market driven research and technology only serves to 

create more jobs. 

The oil companies that we will hear from today are going to be 

called on to help meet the rising global energy demand. Naturally 

they are looking for new sources of traditional fossil fuels, and it 

is my hope they will continue to bring these new energy sources 

on line. Unfortunately, many of those sources are on unstable parts 

of the world with unsavory leadership, places like Nigeria and Venezuela. 

But from their testimony today, it is clear that the oil companies 

are looking for new sources of energy like wind, solar, and biofuels. 

There is a growing market for these new technologies. These executives know what the future holds both from their own studies and 

from groups like the National Petroleum Council. They know that 

their companies will have to be able to draw on diverse sources of 

energy in order to meet the rising demand. 

Now, I, too, believe that energy diversity must be a key part of 

U.S. energy strategy, and that includes traditional fossil fuels in 

addition to renewable energy, improved energy efficiency, and nuclear power. Any reasonable energy policy must recognize that we 


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need affordable supplies of energy, and that oil and gas must continue to play a dominant supply role for the foreseeable future. 

I look forward to today’s testimony from our witnesses who are 

striving to meet the challenge of securing energy in an insecure 

world and yield back the balance of my time. 

The CHAIRMAN. Okay. The gentleman’s time has expired. 

The Chair recognizes the gentleman from Oregon, Mr. 

Blumenauer. 

Mr. BLUMENAUER. Thank you, Mr. Chairman. 

I appreciate the opportunity to hear from the witnesses about 

their ideas about how to increase the use of renewable and alternative energy sources and reduce our dependence on oil. 

You framed part of the question. People are, I think, understandably anxious about issues, the juxtaposition of record profits while 

paying more from the pump, and I look forward to people clarifying 

that part of the equation. 

But it leads to a discussion about what subsidies, if any, oil companies actually need to continue to be successful and at what part 

of the energy business. We have seen the industry capable of making profit selling existing cost effective technology, but still we see 

billions of dollars in subsidies from the American taxpayer, one of 

which it never really was intended to get when we made the 

change in 2004 repealing an export subsidy that was in violation 

of the WTO rules. The oil and gas industry was explicitly not eligible for the repealed subsidy, yet through the magic of the legislative process found themselves included in the replacement benefit, 

a bonus to the industry that was already booming, and as you 

quoted President Bush, oil at $55 a barrel he said did not need incentives for oil and gas companies to explore. 

I am interested in being able to explore with our witnesses at 

what point an industry becomes sufficiently mature that it no 

longer needs as much taxpayer help, and what parts of the businesses that are represented here today do need specific subsidies 

to be profitable. 

In the written testimony that I have reviewed, you describe a robust renewable and alternative energy program that virtually all 

of the companies are involved with now and express support for renewing tax credits for the production of wind and solar power. 

I personally believe that this is where we should be putting 

scarce taxpayer resources, not into existing technology which probably no longer needs our help, but in areas where the cost of production and the curve of cost effectiveness is not quite as clear. 

And I look forward to being able to explore with our witnesses 

how we have passed this point and where we need to go in the future to maximize our entry into a renewable, sustainable future. 

Thank you, Mr. Chairman. 

The CHAIRMAN. Thank you. 

The gentleman’s time has expired. The Chair recognizes the gentleman from Arizona, Mr. Shadegg. 

Mr. SHADEGG. Thank you, Mr. Chairman, and I assume that we 

are working under the rule that if I abbreviate my opening statement I get more time to ask questions? 

The CHAIRMAN. I think it is an all or nothing. 


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Mr. SHADEGG. It is an all or nothing situation. Very well. Well, 

then it is an all. 

Thank you very much, Mr. Chairman, for holding today’s hearing. I think it is extremely important for us as Members of Congress, as well as for all Americans to understand the myriad of reasons for today’s extremely high oil prices and the consequent high 

price of gasoline. 

In that respect, this hearing is very timely considering that oil 

prices recently reached a $112 per barrel high just a few weeks 

ago. I am extremely interested in this issue as representing a western state where we travel great distances and our commutes are 

dramatically longer than those of my colleagues who represent 

states along the East Coast. These issues are extremely important 

to me. 

And I also find that there is a sad lacking of basic economic understanding both here in the United States Congress and in the nation at large. There are many issues, I believe, which are contributing to the high price of oil and the consequent high price of gasoline. 

I have in the past tried to encourage further construction of refining facilities without much luck. I believe we are relying on oil 

for many uses that would be better suited to other fuels. 

I am concerned that if you look at both the issues of supply and 

demand, we face a myriad of problems. We face government imposed restrictions on supply. There are many, many places, I think, 

that all of us know here in America where we have known reserves 

of supply, but we are not allowed for various political reasons to 

go and look. 

Just over a year ago this Congress looked at trying to get either 

oil production or natural gas production on the Outer Continental 

Shelf at distances far enough off the shore where it would be literally unknown to anybody on land, and yet we could not enact 

that legislation. 

In the Air Mountain West where I live, we have thousands of 

acres of land that are locked up, and we walk away from that supply at a time when demand around the world is growing dramatically. China has moved quickly toward being a developed nation. 

It has an incredible demand for all commodities, including oil, and 

as that demand goes up, of course, that creates a greater demand 

around the world. 

The result of this is, I believe, not surprising, and it is a spike 

in the cost of oil for Americans and a spike in the cost of gasoline 

for my constituents who are deeply concerned about the issue. As 

my colleague, Mr. Sensenbrenner, noted, we are forced regrettably 

to rely on nations that are not our friends to supply oil, and it is 

my understanding at least that U.S. oil companies control less than 

ten percent of the world’s proven oil reserves, leaving American 

consumers often subject to oil prices determined largely by foreign 

countries and in some instances by foreign countries who are not 

our friends and who use that money to oppose us. 

Obviously, we have a tremendous interest in exploring alternative forms of energy. I am keenly interested in that myself and 

would like to hear what you have to say about it. I, however, do 


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not believe that funding alternative energies by taxing current 

forms of energy serves American consumers well. 

And with that, I yield back the balance of my time. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentleman from Washington State, Mr. 

Inslee. 

Mr. INSLEE. Thank you. 

Just as I was walking in this room I had a fellow from Virginia, 

told him where I was headed into, and he said, ‘‘Congressman, I 

own stock in one of those companies, but give them hell anyway.’’ 

And I thought it was kind of indicative of what you know is the 

public sentiment out across the country, but I think that public 

sentiment is not because Americans do not understand the laws of 

supply and demand and we know that demand is going up with 

China and India and supply is somewhat limited. It is because of 

these two great abuses that they feel are going on that create this 

great anger besides just the price rise, and that is, first, they cannot understand when they’re paying 328 or 344 out in my State of 

Washington at the pump why then you then reach into their pockets and take out another $18 billion on April 15th out of their tax 

bill. They cannot understand that. 

And when they ask me to give you H., I think that is one of the 

reasons, because Americans believe and I think rightfully so that 

if you were going to give awards for taxpayer abuses, this would 

win the Heisman and the Oscar and the Nobel Prize, to reach into 

Americans’ pockets at tax time to take this when these prices are 

going up like this. 

And, secondly, Americans are concerned that even though we 

know, we know we have to wean ourselves off of oil and gas, that 

global warming demands this, even though Americans know that 

we are the most innovative people on the face of the earth, we are 

still seeing a very, very small as a percentage of your revenues investment in the clean energy technologies that Americans know 

that we can perfect to really create a clean energy revolution in 

this country. 

So I hope that we will produce some thoughts about that. I will 

give you one saving grace. I know this to be a difficult hearing for 

you. I am not going to ask for your home phone numbers, and that 

could be the most effective regulatory system we have, but that is 

the one break you will get today. 

Thank you. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentleman from Oregon, Mr. Walden. 

Mr. WALDEN. Thank you very much, Mr. Chairman, and thank 

you for holding this hearing. 

I want to welcome our witnesses, and we look forward to your 

testimony. 

I share the concerns you have already heard from members of 

both sides of the aisle. Certainly in a district that spans 70,000 

square miles, I can tell you I am hearing a lot from folks I represent, farmers and ranchers and others who commute extraordinarily long distances, about the price of fuel. 


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You know that. We hear it for diesel as well, especially in the 

farm community. The inputs into our agricultural products are a 

real problem. 

What I would like to get to today is to find out how do we overcome this. Now, I am a big supporter of renewable energy and have 

been before it was even popular. Over the last month I bought my 

second hybrid vehicle. I now drive one in Oregon and one here in 

Washington, DC, and with all due respect, I have cut my payments 

to you by 66 percent with my new one in Oregon. 

I want to know though how we do both. How do we meet the oil 

and gas needs of today in America while we develop the renewable 

energy sources, the biofuels, the alternatives that, frankly, are 

being developed in my district and elsewhere around the country? 

How do we get those going while we still meet this demand? 

And we know part of the price spike we are paying on the world 

market is related to the devalued dollar. I mean, that is basic economics. You see it. We import so much. How do we get America 

more energy independent? How do we rely less on imports from foreign countries, many of whom, quite frankly, let’s be honest, do not 

like us very well, Venezuela among them? So how do we develop 

our own resources? 

What can we do to help in that effort rather than just throw 

rocks at you and your profits, which I think probably a lot of them 

have come from most of our districts? I want to know how we solve 

the problem. 

That is what Americans want us to do here. We can gang up on 

you all, and certainly that will happen probably today, as you well 

anticipate, but I want to get beyond that and know how do we fix 

the problem in America so that we are energy independent, so we 

are secure in this country, so that we have the oil and gas we need 

as well as develop the renewables so that over the span we can 

grow out of an oil-based economy. 

Thank you, Mr. Chairman. 

The CHAIRMAN. Thank you. 

The gentleman’s time has expired. The Chair recognizes the gentleman from Connecticut, Mr. Larson. 

Mr. LARSON. Thank you, Mr. Markey, and thank you for conducting this hearing, and thank you gentlemen for joining us today. 

Let me start with saying that I believe that the laws of supply 

and demand, especially as relates to oil, are completely broken and 

malfunctioning. I would like to know your opinion on this. I would 

like to know whether you think that, in fact, speculators are driving up the cost, and paper is to account for a number of the reasons 

that let’s say senior citizens have to turn over their entire Social 

Security check in order to pay for oil that is delivered to their 

homes in the Northeast. 

And inasmuch as you receive 107 billion annually in taxpayer 

dollars, do you think that that is appropriate? I believe that the 

Independent Connecticut Petroleum Association is outraged, these 

rock-ribbed Republicans screaming that this whole situation has 

been nothing more than manipulation around greed, and they see 

it day in and day out with the customers that they are attempting 

to make deliveries to who are getting their homes foreclosed on, 

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cessitated for their living, and yet are turning over their Social Security checks so that they can pay for their fuel. 

That is the kind of problem that we are in, and lastly, with three 

percent of the reserves entirely in this nation, is it possible, do you 

believe that we can actually drill our way to energy independence? 

The CHAIRMAN. The gentleman’s time has expired. The Chair 

recognizes the gentlelady from Michigan, Mrs. Miller. 

Mrs. MILLER. Thank you, Mr. Chairman. 

This Committee was formed to study the issue of global climate 

change, how it impacts society, how it impacts our environment, 

and today we are going to hear from the leaders of companies that 

many in the environmental movement blame for many of the challenges that we face today. Of course, these are the big oil companies. 

And in the difficult economy that our nation faces, this is the one 

industry that is thriving more than ever because of the incredibly 

high cost of oil. And everybody complains about the high cost, including probably every member of Congress as well, but I will say 

this at the outset. I think we should all take a very good look in 

the mirror as to some of the culprits about some of the high costs. 

We have done nothing as a Congress to advantage ourselves of our 

own domestic supply of energy resources in places like the ANWR 

or offshore reserves that would make us much less dependent on 

foreign oil. 

We have not made it very much easier to site new refineries that 

could increase the supply of gasoline and reduce prices, and we 

have regulated ourselves to an extent that drives prices up. 

But we have asked many in industry to make sacrifices and new 

investments, and many of them have actually responded. Our domestic auto manufacturers have borne the brunt, quite frankly, of 

this effort, and they are responding. They have heard the call. They 

have shouldered the mandates, and they are responding. 

Many other American companies and industries are also responding as well. But despite all of this effort, our economy is still 

overly reliant on oil. The big oil companies continue to reap huge 

benefits. 

And I say this. I believe this very strongly, that before we are 

members of Congress or before we are oil executives or what have 

you, before we are anything else, we are all Americans. And every 

American has a responsibility to help reduce our dependence on 

foreign energy sources and also to conserve energy. 

And I hope on this Committee that we all are very familiar with 

the record profits being reaped by the oil industry, which in fact 

stand in very sharp contrast to the financial situations of many 

other industries who have been asked to make sacrifices to help us 

solve our energy problems. I hope that your companies, who are in 

a position really to be a major player in a brighter economic environmental future, that you do the right thing with these profits. 

Simply having these profits fatten the checkbooks of a few instead of investing for the good of us all is down the wrong path. 

You are in the position to invest in new, cleaner technologies that 

will not only change your industry, but could change the entire 

world if you have the courage and the foresight to do so. 


hsrobinson on DSK69SOYB1PROD with HEARING
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And if you do not have that courage, if you refuse to change with 

America, then I believe you are going to see a backlash from your 

customers, the American people who are sick and tired of paying 

huge prices at the pump only to see your companies swimming in 

their money, and you are going to see a backlash from other industries that are being decimated by high fuel prices. 

And because of that, you will also see a backlash from this Congress that could go further than just the elimination of tax breaks 

that you currently enjoy when we see that your companies have 

made combined profits of over $123 billion last year alone. 

And I also think you will see a backlash from your shareholders 

who will bear the brunt of the pain if you do not evolve to other 

energy technologies that will eventually replace oil as a primary 

energy source. So I hope that what we will hear today is not just 

a defense of record profits or a casting of blame on others for high 

prices or defensive tax breaks without the needs of good corporate 

citizenship or sticking your head in the sand and denying the effort 

to bring about alternatives to oil, and I look forward to all of your 

testimony. 

Thank you, Mr. Chairman. 

The CHAIRMAN. The gentlelady’s time has expired. 

[The prepared statement of Mrs. Miller follows:] 


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The Chair recognizes the gentleman from Missouri, Mr. Cleaver. 

Mr. CLEAVER. Thank you, Mr. Chairman. 

Mr. Chairman and Ranking Member Sensenbrenner, thank you 

for this meeting. 

I think all of you are already hearing what is going on at home. 

We have been on a break. It has actually been a work break for 

most of us, and one of the things that we hear over and over again 

is what are you guys going to do about the high price of gasoline, 

and I spoke with a woman about a week ago who earns $18,000 

a year and cannot afford to fill up her tank to get to work. Kansas 

City, Missouri does not have mass transit. We only have buses, and 

so she is about to lose her job because she cannot afford to get to 

it. And so she is losing all the way around. 

And with the skyrocketing price of a barrel of oil and people pay- ing more than $3 a gallon in Missouri, the anger level is rising significantly, and my concern is that we not have a dialogue today 

about, you know, whose fault it is. I think I came here prepared 

to hear everyone say, ‘‘It is not our fault,’’ but I think it is the fault 

of people in this room, and I think something can be done. 

The perception is terrible. I mean people talk about the perception of Congress, and you know, our approval ratings. Your approval ratings are lower than ours, and that means you are down 

low, and I think you probably have the lowest approval ratings in 

the nation. 

So I am hoping that before this session is over you can raise your 

approval ratings by giving some real answers. 

Thank you, Mr. Chairman. I yield back the balance of my time. 

The CHAIRMAN. Great. The gentleman’s time has expired. 

[The prepared statement of Mr. Cleaver follows:] 


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The Chair recognizes the gentleman from Oklahoma, Mr. Sullivan. 

Mr. SULLIVAN. Thank you, Mr. Chairman. 

And I am really glad that you are here today. I appreciate you 

taking the time to come here to discuss climate change and energy 

independence. We want to see our country move toward energy 

independence, but we want to do it in a way that does not sacrifice 

jobs in America. 

Congressman Cleaver, I, too, was on a break recently, and I 

heard people talking about things, but one of the biggest things I 

heard about when I was home is that people are concerned about 

their food prices going up because of ethanol. They think that they 

are using all of the corn in this country, that people are going to 

the grocery store. A loaf of bread costs a lot of money right now, 

and that is one of the ways we tried to address it, and I think that 

that is a big problem. I heard that more than people talking about 

gas prices, actually, talking about a loaf of bread. You know, that 

is a big problem. 

I want to thank again all of you for being here. Also, Mr. Lowe 

from ConocoPhillips, I appreciate you being here. The 

ConocoPhillips is in my district. It is a big company, and they employ a lot of people. 

One of the things, too, I get tired of hearing about, is everybody, 

all politicians, you cannot hear a political speech almost daily without someone saying big oil, big oil. I guess every politician has to 

have a tangible devil to fight, but I get tired of hearing that. 

I do want to hear about what you guys have to say about what 

is going on, and I appreciate you, again, for being here and taking 

the time to discuss this very important issue. 

Thank you. 

The CHAIRMAN. Great. The gentleman’s time has expired. The 

Chair recognizes the gentleman from New York State, Mr. Hall. 

Mr. HALL. Thank you, Mr. Chairman, and thanks to all of our 

witnesses for being here. 

As we all know, the price of oil has been rising at a dizzying pace 

for the last several years, recently shattering the all time high and 

hovering above $100 per barrel. The numbers and impacts on both 

sides of the equation are staggering. Today the average price of 

regular unleaded gas in the United States is $3.29, up 60 cents 

from just last year. 

In New York the situation is even worse with the cost at over 

$3.40, and my constituents talk about the rockets and feathers syndrome where the price seems to go up like a rocket and when it 

comes down, it kind of comes down like a feather, not quite so fast. 

President Bush may not have known about the concern that gas 

was going to break the $4 mark, but with prices already well above 

$3 before the summer, most Americans do not need to be reminded. 

They already see the impact on their bottom line every day. 

On the other side of the coin, we have the companies you gentlemen represent before us today. Since 2002, the combined profits of 

the five largest oil companies have quadrupled. Last year they 

made over $123 billion, shattering dollar records of their own. During this hearing there will be a great deal of discussion trying to 

explain away these profits saying we need to reinvest. We are a big 


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company. Per dollar we do not make that much more than anybody 

else. 

But the bottom line is that these are the biggest profits in corporate history and that if the oil companies are not making a killing off of these prices, who is? Certainly not the average family 

that pays more than it can afford to drive to school or for Dad to 

drive to work. Something is wrong, and we need to fix it. We need 

to stabilize our economy, give working families a break, and take 

action to mitigate climate change. 

On this last front I am encouraged that some of the witnesses 

have expressed support for a carbon reduction plan and support for 

and indeed investment in renewable and alternative energy 

sources. I hope we will be hearing today about how you can follow 

through and work with Congress to shape a policy that will take 

on climate change and also save our constituents from the squeeze 

they are current caught in the middle of. 

Thank you very much, Mr. Chairman. I yield back. 

The CHAIRMAN. I thank the gentleman from New York. His time 

has expired. 

And the Chair recognizes the gentlelady from Tennessee, Ms. 

Blackburn. 

Ms. BLACKBURN. Thank you, Mr. Chairman. 

I want to thank each of you for coming before us today, and my 

hope is that our Committee will have a reasoned discussion with 

you and that we will benefit from your experience and from your 

expertise and insight. 

I also hope that we are not going to sit here and try to place 

blame for what may be causing this. We have a problem to solve, 

and the problem is the high cost at the pump. 

Now, since January ’07, we have passed new energy taxes, new 

mandates, new burdens, new regulatory burdens on energy companies trying to impose and move toward renewable energy, and it 

would appear that we are not getting the results that we want 

from some of those actions because we have seen gas go from $2.26 

a gallon up to $3.29, where it is today. 

We have seen over a 44 percent increase on the family budget. 

For every one dollar that gallon of gas goes up, that costs the family, an average family, about $600 directly out of their pocketbook. 

You all know the prices of crude, and today they are hovering 

right around $100. So there are some that would like to place 

blame on all of you and would place extra taxes on you, but I have 

got a question that I would like to pose, and it is this. If we take 

those actions, if we put more taxes on you and more regulation and 

more compliance, would it put this nation at risk for even more dependence on foreign, unfriendly sources of oil? 

What about a carbon tax or a cap and trade system? What is 

that going to do to the American public? We all know that America 

has the capacity to become energy independent and help lower energy cost. Do we have the national will to do this? 

We all know we have vast coal, oil, and gas resources lying on 

or within our land and off the coast, and these can be developed, 

and our allies to the north are developing access to one of the 

world’s largest sources of natural energy resources in the Canadian 

shale oil. 


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Let’s not be shortsighted. Let’s put the family first. Let’s not let 

fear grip and manipulate our policies. We have a problem to solve. 

We need to work together on this. 

I yield the balance of my time. 

The CHAIRMAN. The gentlelady’s time has expired. 

The Chair recognizes the gentleman from California, Mr. 

McNerney. 

Mr. MCNERNEY. Thank you, Mr. Chairman. 

I also want to thank the witnesses for joining us today on this 

critical topic, particularly to thank Mr. Robertson for coming here 

to represent Chevron, which is located in my congressional district 

in San Ramon, California. 

Well, it is obvious that businesses must show profits and be accountable to their shareholders. We seem to have a perfect storm 

of factors that have led us to the topic we are considering today, 

record high oil prices, record high profits for oil companies and 

clear evidence that the Earth’s atmosphere is warming. 

But I am hopeful today’s hearing will help us better understand 

exactly what the industry’s perspective on these issues is and as 

someone with a background in renewable energy, I do not believe 

that the oil and natural gas companies should be at odds with the 

renewable industry. The two should work in concert, and that 

makes perfectly good business sense. 

While petroleum resources are limited, renewable resources have 

the potential to address our nation’s long-term energy needs. So by 

investing in renewable energy, oil and gas companies can look toward the future and can pioneer initiatives with your resources 

that will give us significant long-term dividends. 

We know that progress is being made by companies such as 

Chevron, which is investing in energy efficiency, geothermal, hydrogen, and biofuels. This approach should be more widely adopted, 

in my opinion, and embraced across the board. The companies’ representatives today have at their disposal the resources necessary to 

move forward securing our nation’s long-term energy future, and 

what we need now is a commitment and vision to make that happen. 

Again, I look forward to your testimony and yield back to the 

Chair. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentlelady from California, Ms. Solis. 

Ms. SOLIS. Thank you, Mr. Chairman, and thank you for having 

this important hearing. 

And also welcome to our witnesses. While I do not pretend to lay 

blame on you specifically, I do lay blame on the fact that our constituents certainly need to have some questions answered. 

And how is it that I can explain when I go back home, coming 

back from our recess, that the price of a gallon of gasoline in my 

district, East Los Angeles, San Gabriel Valley, working class blue 

collar, is upwards of $3.69 a gallon. For diesel it is over $4.00. 

And the questions that I get from people, especially our truckers 

because we have a very busy port in Los Angeles and much of that 

transaction occurs through my district, so people are going broke; 

they are going bankrupt. But they want to know why is it that 

these folks are making such a heavy profit, a large profit over a 


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small span of time, and that money then, and also those profits, 

cannot be redirected into renewable energy and fuels and hopefully 

increase the ability to create new green collar jobs. 

Every time that we keep away from the message of creating and 

investing in the United States with renewable energy, I think we 

are losing upwards of 100,000 jobs. At least that is what I am 

being told. 

So I am just asking you to please step up to the plate. Help us 

find those answers to our questions. Help us look for other alternatives, and the suggestions that I do not want to hear are that 

we are going to keep drilling where we already know, folks in our 

district particularly, California, do not want to allow for more drilling along our coast and opening up old refineries like in the City 

of Wittier. 

Nixon Country it used to be known as, where we have some oil 

fields owned by, I think, Chevron. 

So I would just leave you with that and ask you to please keep 

in mind the constituents that we represent, and yield back the balance of my time. 

[The prepared statement of Ms. Solis follows:] 


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The CHAIRMAN. The gentlelady’s time has expired, and the Chair 

recognizes the gentlelady from South Dakota, Ms. Herseth Sandlin. 

Ms. HERSETH SANDLIN. Thank you, Mr. Chairman, and thank 

you to our witnesses for being here today at this hearing. 

Yesterday, as we know, light sweet crude for May delivery was trading above $101 per barrel on the New York Mercantile Exchange, and these developments continue to be shocking and financially burdensome for families and businesses across the country, 

especially rural America like South Dakota, the state that I represent here in the Congress, since people drive such long distances 

daily to get to work, to get their kids to school, to transport goods 

for their small businesses. 

The average price for a barrel of oil in January of ’02, about six years ago, was less than $20 a barrel. So even if we discount all 

of the other problems, whether they are geopolitical, environmental, supply, that flow from our addiction to oil, its price volatility alone seems to me dictates that we must more aggressively 

move to diversify our energy sources. 

Now, I strongly believe one solution to this oil addiction is an increased use of domesticly produced biofuels, such as ethanol, which 

have the potential to meet a significant portion of our nation’s energy needs over the coming decades if we put the proper policies 

in place. This includes the robust and aggressive renewable fuel 

standard passed last December that drives the development and 

large scale production of cellulosic ethanol in the decades to come. 

And I just would have to note for my colleagues on the Committee, I know Mr. Sullivan mentioned the concern of his constituents about food prices. It has been shown that it has been energy 

prices associated with the processing and the transport of food far 

more than the cost of the commodities, such as corn and wheat, 

that are substantially driving up costs of food, and perhaps what 

we should evaluate, Mr. Chairman, and that is some of what we 

have been trying to do and some of what we have proposed in energy policies that have passed the House as it relates to reevaluating some of the policies we put in place years ago, including in 

2005, but before that. 

Because for those of you who do not represent agriculture, our 

farm policies, most of them, kick in when prices are low. So we 

save taxpayers money when we are not paying loan deficiency payments or counter cyclical payments, when the price of corn is 

where it has been, over $4 a bushel, the price of wheat, the price 

of soybeans with what they have been. 

And so we need to look at doing the same thing when it looks 

like other commodities’ prices are so volatile and going up, to reevaluate how we spend taxpayer dollars when prices are high and 

when they are low, and we will look forward to getting your 

thoughts on that, as well as your thoughts on biofuels distribution 

and production across the country. 

Thank you, Mr. Chairman. 

The CHAIRMAN. The gentlelady’s time has expired and all time 

for opening statements from the Members has been completed. So 

now we will turn to our panel, and we will give each one of them 

an opportunity to make an opening statement before this Committee. 


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Our first witness today is Mr. Stephen Simon, Senior Vice President for ExxonMobil. Mr. Simon has over 40 years of experience in 

the oil industry, 35 of them spent with Exxon. He has served in 

his current role as Senior Vice President since 2004. 

We welcome you, Mr. Simon. Whenever you are ready, please 

begin. 

STATEMENT OF STEPHEN SIMON, SENIOR VICE PRESIDENT, 

EXXON MOBIL CORP.; ACCOMPANIED BY JOHN 

HOFMEISTER, PRESIDENT, SHELL OIL COMPANY; ROBERT 

ROBERTSON, VICE CHAIRMAN, CHEVRON; JOHN LOWE, EXECUTIVE VICE PRESIDENT, CONOCOPHILLIPS; AND ROBERT 

A. MALONE, CHAIRMAN AND PRESIDENT, BP AMERICA, INC. 

STATEMENT OF STEPHEN SIMON 

Mr. SIMON. Thank you, Chairman Markey, Ranking Member 

Sensenbrenner, and members of the Committee. 

The world’s economy runs on energy. Americans depend on it 

every day to fuel their cars, heat their homes, and power their 

businesses. Because energy is so important, all of us have a responsibility to engage in an open, honest, informed debate about our energy future that is grounded in reality and intent on finding viable 

solutions. 

In that spirit, I would like to make three points during my allotted time. First, our earnings, although high in absolute terms, need 

to be viewed in the context of the scale and cyclical long-term nature of our industry, as well as the huge investment requirements. 

Second, stable tax and regulatory policies are essential to encouraging needed investments. Imposing punitive taxes on American 

energy companies which are already paying record taxes will discourage the sustained investments needed to continue safeguarding 

U.S. energy security. 

Third, all reliable and economic forms of energy are needed to 

meet growing needs, but the pursuit of alternative fuels must not 

detract from the development of oil and gas. 

Allow me to elaborate on each point in turn. 

Because of the massive scale of our industry, our profitability in 

absolute terms is large, particularly in the current up cycle, but in 

2007, the oil and gas industry earned on average about 8.3 cents 

per dollar of sales, near the Dow Jones Industrial Average of major 

industries of 7.8 cents per dollar of sales. 

Because ours is a commodity business, earnings rise and fall in 

cycles. We are currently in an up cycle, strongly influencing our 

current profitability, but we have seen up and down cycles before. 

In 1980 crude oil prices reached record levels, approaching the 

equivalent of over $100 a barrel in today’s dollars, and many were 

predicting that oil prices would soar to over $250 a barrel in today’s dollars, but those predictions were wrong. 

By the mid-1980s, prices had fallen dramatically and the industry was in dire straits. Ours is a long-term business with energy 

projects requiring enormous investments spanning decades that 

must carry through both the up and down cycles. 

Over the last 25 years, we have invested $355 billion, which is 

more than we earn. In the last five years alone, we have invested 


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almost $89 billion, including about $25 billion in North America. 

Over the next five years, Exxon Mobil plans to invest at least $125 

billion. 

We depend on high earnings during the up cycle to sustain this 

level of investment over the long term, including the down cycles. 

Regarding taxes, currently the energy industry pays record levels. While our worldwide profits have grown, our worldwide income 

taxes have grown even more. From 2003 to 2007, our earnings 

grew by 89 percent, but our income taxes grew by 170 percent. 

Over the last five years, Exxon Mobil’s U.S. total tax bill exceeded 

our U.S. earnings by $19 billion. 

A recent survey by Tax Notes of 80 leading U.S. companies revealed that these companies had an average income tax rate of 30 

percent. Exxon Mobil’s effective income tax rate in 2007 was 44 

percent. 

To discriminate against American energy companies, as the proposed changes to Section 199 in the foreign tax credit due would 

not only add to these taxes, but also impact investment in future 

energy supplies by redirecting needed capital and creating competitive disadvantages for American energy companies competing overseas. 

Taxes should be fair, stable, and pro competitive, principles these 

proposals violate. 

Finally, regarding alternatives, the International Energy Agency 

forecast that oil and gas will continue to meet about 54 percent of 

global energy demand in 2030. Alternative fuels also play an important role, but the IEA forecast that renewable energy sources, 

such as biofuels, wind, solar and geothermal combined, will account 

for only about two percent of global energy supply in 2030, again, 

an indicator of the scale required. 

These findings are closely aligned with our own Energy Outlook 

of 2007, which I respectfully submit into the records of this proceeding for the Committee’s consideration. 

The market is the most effective means of determining the future 

energy mix in a way that maximizes supply and minimizes cost. 

Government mandates and subsidies distort market forces and impeded technological innovation. Raising taxes on oil and gas production to subsidize alternatives will likely lead to less overall energy production, not more. 

And as many independent observers are now noting, such mandates can have unintended consequences, continuing to provide 

Americans with the energy they need reliably and responsibly is a 

challenge Exxon Mobil employees are determined to meet. Government can help by creating a level playing field and promoting fair, 

stable, pro competitive regulatory and tax policies. 

It is this kind of leadership that is needed to meet our nation’s 

energy challenges. 

Thank you. 

[The statement of Mr. Simon follows:] 


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The CHAIRMAN. Thank you, Mr. Simon. 

Our next witness is Mr. John Hofmeister. He is the President of 

the Shell Oil Company and has led that company since March of 

2005. 

We welcome you, Mr. Hofmeister, and if you could move in a little bit closer to the microphone, I think it would help everyone. 

STATEMENT OF JOHN HOFMEISTER 

Mr. HOFMEISTER. Chairman Markey, Ranking Member Sensenbrenner, members of the Committee, I welcome the opportunity to 

be here today. 

If there is no objection, I will summarize the statement I have 

submitted for the record. 

This hearing comes at the end of Shell’s 18-month national dialogue on energy security. We traveled to 50 cities engaging more 

than 15,000 Americans in a dialogue on energy security. We heard 

what you are hearing. Americans are worried about the rising cost 

of energy. 

Mr. Chairman, I believe you have said that the nation’s energy 

challenge requires a commitment on the scale of the Manhattan 

Project during World War II or the Space Program of the 1960s. 

I agree. 

The price of a barrel of light sweet crude has gone up 300 percent in four years. This increase is due to a combination of factors 

which are for the most part not controlled or much influenced by 

the actions of oil companies, for example, growth in global demand 

for oil, geopolitical events affecting international supply, developments in the financial market contributing to the rise in prices, 

skyrocketing cost of materials, labor, and engineering services, a 

shortage of capacity in energy services and materials, more difficult 

access to oil and gas resources around the world. 

Available energy resources are found in difficult or hostile areas, 

and closer to home, U.S. energy resources are unavailable. 

Today I will talk about three aspects of the energy challenge: 

first, what is the energy supply-demand outlook; second, what is 

Shell doing to meet the energy challenge; and, third, what policy 

makers can do. 

First, the energy supply-demand outlook is sobering. Demand is 

increasing unrelentingly. Although oil and natural gas will be used 

to meet more than half of our energy needs for decades, U.S. oil 

and gas production has fallen steadily for the last 35 years. Why? 

Because government policies place domestic oil and gas resources 

off limits. The U.S. government restricts supply to U.S. consumers. 

The result, we import more oil to meet our growing demand. In 

2006, we imported 3.7 billion barrels of oil, more than seven times 

the amount imported in 1970. This brings me to my second point, 

what Shell is doing to meet the energy challenge. 

We are making significant capital investment to produce more 

energy and more kinds of energy to meet global demand. Today we 

have doubled the number of new projects under construction that 

we had in 2004. Last year we spent some 25 billion on capital investment worldwide to develop energy projects. 

This year Shell will spend between $28 and $29 billion, the largest capital expenditure program in the oil and gas energy. 


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Wind, we are involved in 11 wind projects across Europe and the 

United States where we have wind farms in six states with more 

under development. 

Solar, Shell is an international developer of thin film solar technology to generate electricity from the sun’s energy. 

Biofuels, Shell is the world’s largest blender of biofuels by volume and one of the world’s largest distributors of transport 

biofuels. Shell is a leader in the development of advanced biofuels, 

such as cellulosic ethanol. 

Hydrogen, Shell is a leader in developing transportation solutions with hydrogen. We operate the nation’s first integrated gasoline hydrogen station nearby here at our Shell station on Benning 

Road. We also have proprietary gasification technology to convert 

coal and biomass into cleaner fuel. We lead in gas to liquids technology to produce cleaner transportation fuels. We hold a leadership position in the production of liquefied natural gas, here in the 

U.S., including at two existing LNG terminals. 

But Shell continues to be an industry leader in the deep water 

Gulf of Mexico. Note that the costs of deep water exploration and 

production are immense and rising. Last year, for example, the average daily cost for a deep water exploration well in the Gulf of 

Mexico per day was $759,000. 

Shell has a world class manufacturing organization to better 

meet customer demand of finished products. In the U.S. our joint 

venture at Motiva is spending around $7 billion to double the capacity of its refinery at Port Arthur, Texas. When finished, it will 

be one of the largest refineries in the U.S. and the world. 

In oil sands and oil shale, Shell is investing in the technology 

and infrastructure to develop vast oil sands in Canada and oil 

shale in the United States. 

To my third point, what can policy makers do to meet the energy 

challenge? First, the oil and gas development can occur in an environmentally responsible way. In 2006, Congress opened new areas 

in the Gulf of Mexico to exploration and development. More such 

access is warranted so that U.S. consumers can have access to U.S. 

natural resources. 

Congress also provided energy producing states and local coastal 

communities with a revenue stream to help ensure economic and 

environmental stability. Such revenue sharing should be made 

available to all areas adjacent to offshore development. 

Second, we need all forms of energy, plus conservation and energy efficiency. I commend Congress for including stronger CAFE 

provisions and other conservation measures in the 2007 energy bill. 

Congress should continue to encourage conservation. 

Third, Shell supports reducing greenhouse gases through a cap 

and trade program coupled with sector approaches. We must work 

now to address CO2 emissions as we make the transition from fossil fuels to new energy sources. 

Thank you, Mr. Chairman. I’ll be happy to answer questions. 

[The statement of Mr. Hofmeister follows:] 


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The CHAIRMAN. Thank you, Mr. Hofmeister. 

Our next witness is Mr. Peter Robertson, who is the Vice Chairman of Chevron. He has served as Vice Chairman of the board of 

Chevron since 2002. He has spent 15 years with that company. 

We welcome you, sir. 

STATEMENT OF PETER ROBERTSON 

Mr. ROBERTSON. Thank you. 

Good afternoon, Mr. Chairman, Ranking Member Sensenbrenner, 

and members of the Committee. My name is Peter Robertson, and 

I am Vice Chairman of Chevron Corporation, and I am here today 

proudly representing 59,000 Chevron employees, 27,000 of whom 

work here in the United States. 

I appreciate the opportunity to discuss the energy issues that are 

very much on your minds and those of all Americans. I will address 

three issues: rising oil prices; our commitment to providing energy, 

including renewables; and policies to insure that we enhance our 

energy security. 

Four years ago we sent a letter to members of Congress, the administration, cabinet members, as well as trade associations and 

think tanks. It foreshadowed the issues we face today and included 

concrete ideas for action. The letter said we face a new reality: volatility, high prices, greater competition for resources, and heightened geopolitical risks. 

Today this new reality is here, and it is costing us. All Americans feel the pain of $100 oil, and it is not just at the pump. Everything 

is more expensive. People are concerned about rising costs and 

rightly so. 

The world is consuming oil at an ever increasing rate, and it is 

projected to continue. There are a billion people who enjoy our 

standard of living, and there are billions more striving for the 

same. 

The current system is straining to meet their needs. There is 

dramatically reduced spare capacity, and there is no room for error. 

Any disruption or perceived threat of disruption typically sends 

prices up, and the declining value of the dollar has only worsened 

the situation. The situation is not sustainable, and it is time to 

take urgent action. 

So what are we doing? Chevron produces almost one billion barrels of oil equivalent a year, and as large as that number sounds, 

it serves less than three percent of world demand. And in the U.S. 

our refineries produce six billion gallons of gasoline each year, another large number, but that is less than five percent of America’s 

gasoline consumption. 

Between 2002 and 2007, Chevron invested approximately $73 billion in new energy supplies, more than we earned. This year we 

will spend another $23 billion, including 2.3 billion in U.S. refining 

and marketing activities. We have added one million gallons a day 

in gasoline capacity over the last two years. 

Let’s talk about renewable energy. Today Chevron is the world’s 

largest producer of geothermal energy. Between 2007 and 2009, we 

plan to spend $2.5 billion on renewables and energy efficiency services. We formed a range of partnerships to pursue next generation 

biofuels. Let me give you one example. 


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We teamed up with Weyerhaeuser Corporation because we need 

partners. They know plants; we know fuels. Together we provide 

the unique combination necessary to meet this challenge. 

But it will take time to have a meaningful impact. A large 

biofuels plant in the U.S. produces in a year what one of our refineries produces in a single week. The enormous scale of the energy 

system means that we must continue to bring traditional energy 

supplies to market even as we accelerate the development of renewables. 

But increasing supply is only one important step. We also need 

to aggressively moderate demand. America needs to become a nation of energy savers. Chevron Energy Solutions has completed 

more than 800 energy efficiency and renewable energy projects, 

largely in public facilities, reducing emissions and saving on average nearly 30 percent in energy and operational costs. 

In closing, I want to emphasize what we can do together to help 

consumers. The National Petroleum Council study involved 1,000 

participants, scientists and NGOs, industrial consumers, and policy 

experts. It recommended five strategies ranging from moderating 

demand to expanding supply, to increasing research. It has given 

us sound, sensible, achievable solutions. Now we need action. 

We strongly urge you to implement its recommendations, but 

first we need to change our nation’s conventional wisdom about energy development and use. On the demand side, our country needs 

to value energy as a precious resource. We need a ‘‘made in America’’ solution enabled by everything from human ingenuity to smart 

buildings, to advanced vehicles. 

On the supply side, we need to be sensitive to the scale and time 

frames required to alter the energy mix. We need to help to open 

up the 85 percent of the outer continental shelf that is off limits. 

We cannot expect other countries to expand their resource development to meet our need as we limit our development without good 

reason. 

And we need your help in dealing with inefficiencies in the gasoline market. There are 17 boutique fuel requirements across the 

country. More requirements on fuels are being added through renewable fuel mandates and proposed climate policies. These important policies must be advanced in a way that Americans can afford. 

The time for action is now. During the five minutes it took me 

to deliver my remarks, the world has consumed the energy equivalent of 35 million gallons of oil equivalent. Our collective leadership 

and ingenuity can set a path for true progress. 

At Chevron we will continue to do our part. 

Thank you very much. 

[The statement of Mr. Robertson follows:] 


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The CHAIRMAN. Thank you, Mr. Robertson. 

Our next witness is John Lowe. He is the Executive Vice President of ConocoPhillips. Over the last eight years he has held the 

multiple senior level positions with that company. 

We welcome you sir. Whenever you are ready, please begin. 

STATEMENT OF JOHN LOWE 

Mr. LOWE. Thank you. 

Good afternoon, Mr. Chairman. We appreciate the opportunity to 

come before the Committee to discuss our alternative fuels investments, as well as our investments to meet current energy needs. 

ConocoPhillips favors developing all forms of energy, conventional, renewable, and alternative. However, we recognize that 

even with aggressive implementation of alternative energy, most 

sources estimate that fossil fuels must still supply two-thirds of 

world energy in 2030. We cannot attain an alternative energy future in a few short decades. Global energy demand is too high. 

Technological development and infrastructure construction take too 

long, and the cost would be too great. 

This makes it essential that we build the political will to utilize 

our fossil fuel resources. We must also develop the ability to use 

them in cleaner forms, and we must disavow the misconception 

that alternative sources can quickly and easily assume the energy 

burden. 

ConocoPhillips is already preparing for the future. Our reinvestments into our business continue exceeding our income. We earned 

$12 billion in 2007, but reinvested $13 billion, and we have over 

$15 billion in investments planned for 2008. 

In North America, we are spending billions of dollars to expand 

supplies by developing the Canadian oil sands and building infrastructure to transport the oil to the U.S. In pursuit of natural gas, 

we are conducting major drilling programs and building pipelines 

in two LEG re-gas terminals. 

Downstream we are increasing our refining capacity and ability 

to produce cleaner fuels. 

You have also asked us to describe our efforts in renewable and 

alternative energy. Although these are currently not part of our 

core businesses, ethanol represents five percent of our U.S. gasoline 

volumes, making us one of the nation’s largest ethanol blenders 

and users. 

We are test marketing E85 and biodiesel. We have produced renewable diesel fuel. We are working to develop biofuels from agricultural waste. We are funding university research into the next 

generation of renewable fuels like cellulosic ethanol. 

We are evaluating opportunities to invest in solar, wind and geothermal power. To make electric vehicles more practical, we are developing better materials for lithium ion batteries and to transform 

coal and petroleum coke into clean burning synthetic natural gas, 

we have developed proprietary technology and have two multi-billion dollar projects planned. 

This Subcommittee is also charged with addressing climate 

change. ConocoPhillips favors congressional enactment of a mandatory framework to reduce carbon emissions, and we are actively researching potential carbon capture and storage. These efforts show 


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what can be achieved by the industry’s technical, financial, and 

human resources. 

Our capabilities must not be undermined by punitive tax measures or counterproductive policies like those that threaten our coventure with Tyson Foods. Two years ago we formed a unique relationship with Tyson to develop a new technology to produce renewable diesel from byproduct animal fats. Unlike most biofuels, our 

product can be transported by pipeline. 

Congress enacted an incentive for the feedstock, but the House 

is attempting to deny us equal treatment in utilizing this incentive, 

which is afforded to all other biodiesels. This would make our technology uncompetitive. 

If Congress intends to encourage meaningful alternative fuels development, it is critical that all related tax policies and mandates 

be feedstock and technology neutral, and that R&D efforts not be 

undermined. The market should decide which technologies go forward. 

Hopefully, government and industry can move beyond today’s all 

too often adversarial relationship. There is much we can do together to increase supplies, encourage efficiency, develop alternatives, and address climate change. But have no doubt. The U.S. 

is engaged in a global race. Other countries are working cooperatively with their energy industries to secure new supplies. Unless 

our domestic companies are allowed to compete on level ground, we 

run the risk of marginalizing U.S. oil and gas industry and ultimately undermining U.S. energy supply. 

Mr. Chairman, this concludes my statement. Thank you. 

[The statement of Mr. Lowe follows:] 


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The CHAIRMAN. Thank you, Mr. Lowe. 

And our final witness is Mr. Robert Malone, who is the Chairman and President of BP America. Mr. Malone has led BP America 

since 2006. 

We welcome you, sir. Whenever you are ready, please begin. 

STATEMENT OF ROBERT A. MALONE 

Mr. MALONE. Thank you, Mr. Chairman, Ranking Member Sensenbrenner, members of the Select Committee. 

Good afternoon. My name is Bob Malone, and I am the Chairman 

and President of BP in America. 

We are the nation’s largest producer of domestic oil and gas and 

one of the nation’s largest energy investors. We expect to spend 

here in the United States $30 billion over the next five years to expand and extend production of natural gas from the Rocky Mountains west to renew critical oil and gas infrastructure on the North 

Slope of Alaska, to continue development in the deep water Gulf 

of Mexico, and to increase gasoline production from key midwest 

refineries. 

In the area of alternative energy, we are nearly doubling the capacity of our Frederick, Maryland solar plant, the largest integrated solar manufacturing facility in the United States. 

By the end of this year we expect to have 1,000 megawatts of 

U.S. wind power capacity on line, increasing to 2,400 megawatts by 

the end of 2010. That is enough to power more than 700,000 

homes. 

We are already one of the largest blenders of ethanol in the nation. However, over the next decade, we will invest more than 500 

million in the search for a new generation of biofuel that contains 

more energy, has less impact on the environment, and which is not 

made from a food crop. 

We know high energy prices are having an adverse impact on our 

nation’s economy and your constituents and our customers. We 

cannot change the way the world market relies and this nation relies on 60 percent of its oil from foreign countries. But we can work 

with this Congress, with the administration, and with governments 

and consumers across this nation to move towards greater energy 

security and a lower carbon energy future. 

To be clear, BP America is working hard to expand and to diversify U.S. energy supply and is committed to reducing the environmental impact of both energy production and consumption. Our operations span the country, and many employ technologies that did 

not even exist a decade ago. 

Our investment across the entire energy spectrum is huge. Over 

the last five years, we have invested $31.5 billion in development 

of U.S. energy security. During 2007, we invested three-quarters of 

a billion dollars or ten percent of our capital budget on alternative 

energy. 

But the hard truth is that even the major improvements in energy efficiency with the rapid growth of solar wind and biofuels, the 

United States will consume more oil, more natural gas and coal in 

2030 than it does today. The United States with five percent of the 

world’s population consumes 25 percent of the world’s daily oil production. 


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The U.S. should produce more of the energy it consumes, and it 

has a responsibility to use that energy wisely. U.S. energy policy 

must address both energy supply and energy demand. On the supply side, we support incentives for alternative energy, but taxing 

one form of energy to encourage production of another will reduce 

our ability to keep up with the growing U.S. energy demand. The 

result will be less investment, less production, tighter energy markets, and potentially even higher prices at the pump. 

This nation should be encouraging production of all forms of energy, especially oil an gas. On the demand side we have to encourage conservation and drive energy efficiency. 

Mr. Chairman, members of the Committee, in the notice of this 

hearing you expressed a desire for a real conversation about energy. I am here on behalf of BP to have that conversation. The energy challenge facing this nation is enormous. BP is serious about 

bringing new sources of oil and gas to the U.S. market. We are also 

serious about building a sustainable, profitable alternative energy 

business that is capable of delivering the clean, affordable power 

that consumers want. 

My company stands ready to work with you and others to address the energy and environmental needs of this nation. 

Thank you. 

[The statement of Mr. Malone follows:] 


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The CHAIRMAN. Thank you, Mr. Malone, very much, and that 

completes the time for opening statements from our witnesses. 

And now we will turn to recognize members of the Committee for 

questions of the panel. The Chair will recognize himself for five 

minutes for that purpose. Mr. Simon, last year Exxon Mobil reported $40 billion in profits, $28 billion in stock buy-backs, $7.5 billion in dividends and executive compensation, but all I can really find is no more than a commitment of $100 million in investment in renewables over the next 

ten years. Why is that, Mr. Simon? Why is your company not investing in renewables? 

Mr. SIMON. Well, thank you, Mr. Chairman, for giving me the opportunity to address the area of alternative fuel. When you go back 

to the year 2000–2001, we as a corporation recognized that we had 

a huge challenge in front of us not only as a corporation, but as 

an industry in meeting a significant growth in energy requirements, estimated about 40 percent in the year 2030 compared to 

2005, while still managing the risks associated with climate change 

as driven by the increase in greenhouse gas emissions. 

At that time we looked at every component, every facet of alternative energy. We had our best and brightest minds, the scientists 

and engineers of the highest caliber in our corporation look at it 

on a fundamental basis. We looked at it all the way from production, on the one hand, all the way through consumption, on the 

other. We called a well to wheels analysis. We looked at it on an 

energy basis, on the energy balance. 

The CHAIRMAN. How much have you invested in renewable energy, Mr. Simon, for 2008? What is your budget for renewable energy at Exxon Mobil. 

Mr. SIMON. And I will get to that, Mr. Chairman. 

The CHAIRMAN. I only have five minutes. It is important for us 

to get it out on the table. What is the investment in renewable energy, please? 

Mr. SIMON. Recognizing that we needed to do something of a 

great magnitude, the current generation of fossil fuels do not work. 

What we did was we said we needed the best and brightest minds 

from all walks of life, and we initiated the global climate and energy project at Stanford University, which is about—— 

The CHAIRMAN. And how much money are you paying for that? 

Mr. SIMON [continuing]. A $100 million investment over—— 

The CHAIRMAN. One hundred million dollars, but you made $40 

billion last year. 

Mr. SIMON. Mr. Chairman, putting more money into something 

does not necessarily equal progress. 

The CHAIRMAN. Well, Shell is putting money into wind. BP is 

putting money into renewables, and we are not talking about 100 

million over ten years. We are talking about billions of dollars 

which are being invested. Why is Exxon Mobil resisting the renewable revolution that is being embraced by other companies even in 

the oil and gas sector? 

Mr. SIMON. Our analysis is that we are not going to be able to 

meet the challenge that you would like to meet and I would like 

to meet with current generation. That is our assessment. We need 

to leapfrog current generation technology. We need to have breakVerDate Mar 15 2010 21:43 Nov 20, 2010 Jkt 061641 PO 00000 Frm 00161 Fmt 6633 Sfmt 6602 E:\HR\OC\A641.XXX A641

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throughs that are world changing, and that is what the objective 

of our global climate and energy project is at Stanford University. 

We have 40 breakthrough programs underway looking at every aspect of renewables. 

We are looking wind. I mean solar. We are looking at biofuels, 

biomass. 

The CHAIRMAN. We do not have time, Mr. Simon. Okay? We have 

got people you heard in my opening statement. For the poorest 20 

percent in America it is now ten percent of their income going to 

paying their gasoline bill. So as these consumers are at the pump 

being tipped upside down and having money shaken out of their 

pocket, your message to them is that you cannot do anything for 

them, that you are about to begin a partnership to think about 

what you are going to do about a renewable energy agenda, and 

that is not going to send any message that we are going to put 

pressure on OPEC that we are about to change business in our 

country. 

Mr. SIMON. Well, if we are going to have a kind of impact that 

you and I want longer term, it is going to take breakthroughs, and 

that is what we are trying to do there. 

That does not say that we cannot do something to try to address 

the price at the pump today. About 80 percent of that price or 70 

percent of that price is crude oil. What can we do there? One thing, 

we can moderate demand in terms of the transportation sector. 

The CHAIRMAN. But you cannot have it both ways, Mr. Simon. 

You cannot, on the one hand, be nickel and diming renewables at 

Exxon Mobil and at the same time be recording $40 billion worth 

of profits and simultaneously fighting our efforts to move over the 

billions of dollars into the research in renewables which this country needs to break its dependence on imported oil. You cannot do 

that, Mr. Simon. 

Exxon should make a commitment that they are going to put ten 

percent of their profits into renewables so that America has a comprehensive strategy to fight that dependence upon imported oil. Are 

you willing to make that kind of a commitment? 

Mr. SIMON. Mr. Chairman, we continue to look at that area. If 

we identify an area where we think it can have the impact that you 

are alluding to, we will do that, but we have studied all forms, even 

anticipating some improvements, and the current technologies just 

do not have an impact, any kind of appreciable impact on this challenge that we are trying to meeting. 

The CHAIRMAN. Mr. Simon, that is just going to be a continuation 

of a policy of tax breaks for the oil companies and tough breaks for 

consumers at the pump, and that just does not work. 

OPEC has us over a barrel, and you are saying you are going to 

study the issue for another ten years, and with all due respect to 

Stanford, you have competitors here on this panel who are already 

investing in multi-billion dollar strategies in alternative energy, 

and I just think that it is time to move to this new agenda for the 

sake of our country and for the consuming public that really does 

feel as they have been short changed in terms of protecting them 

against what looks like to be a devastating, long-term prospect of 

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My time has expired. I turn to recognize the gentleman from 

Wisconsin, Mr. Sensenbrenner. 

Mr. SENSENBRENNER. Thank you very much, Mr. Chairman. 

One of the things that I learned when I got to Congress is that 

we do not have the power here to repeal the law of supply and demand. Obviously demand is up, particularly as a result of the increased demand in emerging economies like China and India. Supply is restricted, partly due to the fact that we have not been able 

to build new refineries in this country to increase supplies to consumer, and then as a result of our low interest policy, which we 

need to prevent a complete collapse of the housing market, you see 

the value of the dollar tanking on overseas markets, and the OPEC 

nations who do sell us oil are not going to want to get paid in 

cheaper dollars. 

Now, all of that on the table and not too much we are able to 

do about it either in Congress or on your side of the table, what 

do each of the five of you think is the single most important policy 

that Congress can make to increase supply and thus take the pinch 

off of higher prices? 

You can start, Mr. Simon. 

Mr. SIMON. Well, Congressman, I do not think there is any silver 

bullet here. 

Mr. SENSENBRENNER. Well, we know that, but I am asking you 

to prioritize, and I have got three and a half minutes left and you 

have got four colleagues that want to speak. 

Mr. SIMON. To me it would be to open access to supplies that are 

currently off limits. We have 31 billion barrels, 105 trillion cubic 

feet of natural gas. That is enough to power ten million automobiles and heat 15 million homes here in the United States for 

over 100 years. 

Mr. SENSENBRENNER. Okay. Mr. Hofmeister. 

Mr. HOFMEISTER. I think the Congress should look at short-term, 

medium-term and long-term solutions in a comprehensive strategy 

that would take into account everything from more access to the 

new and developing technologies of the future. If we do not look at 

it short term, medium term, long term, we will suffer enormously 

in the next several years from a shortage, a continuing shortage of 

hydrocarbons. 

Mr. SENSENBRENNER. Mr. Robertson. 

Mr. ROBERTSON. Well, I think there are a lot of things that the 

Congress can do. I think, you know, starting to leave an efficiency 

message to the American people is the first most important thing, 

but after that, I think we need access to all kinds of energy supplies, renewables and oil and gas. 

The single biggest thing I think would be to open up the 85 percent of the offshore acreage in the United States that is currently 

unattainable. I think it is unrealistic to ask the rest of the world 

to open up their areas without us doing the same ourselves. 

Mr. SENSENBRENNER. Mr. Lowe. 

Mr. LOWE. Yes, we need to support all forms of energy, but particularly as my colleagues have said, we need more access here in 

the United States. 

Mr. SENSENBRENNER. Mr. Malone. 


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Mr. MALONE. Congressman, access is number one, but I would 

also emphasize the huge potential that sits north of us in Canada, 

as we have the Saudi Arabia of North America sitting there ready 

to provide us with needed energy. 

Mr. SENSENBRENNER. Okay. Now, that all being said, I guess the 

common thread that I have heard from each of you is that we need 

more access, and you have all alluded to where the access is. 

If you got the access, would you have the refining capacity to be 

able to increase the supply to the consumer and thus at least take 

the pressure off of ever increasing prices? We have not built a new 

refinery in this country in 30 or 35 years. So if you have the access 

but you cannot refine it, how do you get the product to the consumers at at least the same price if not a lower price? 

Why don’t we start with Mr. Malone? 

Mr. MALONE. Access, for example, two of our projects are to expand our existing refineries with the use of access being allowed 

on Canadian heavy crude. Both of those, that will result in something like 2.2 to 2.5 million gallons a day more gasoline. So physically we can expand our refineries, which we have been doing for 

years. 

Mr. SENSENBRENNER. Mr. Lowe. 

Mr. LOWE. Yes, we are spending billions of dollars to expand not 

only the capacity of our refineries, but also the capability of our refineries to run these heavier crudes, but we have encountered significant difficulties. Even though we are trying to increase capacity 

and produce cleaner fuels, we have encountered significant difficulty in permitting these projects. 

Mr. SENSENBRENNER. Mr. Robertson. 

Mr. ROBERTSON. The U.S. use of oil in the last few years has 

been about flat. So if we produce more oil and gas in the United 

States, we would have to import less. We have the refining capacity 

in the United States to deal with the market today, I think. So I 

think the issue is around if you produce more oil in the United 

States, more on the world market, prices directionally are lower. 

We import less. 

Mr. SENSENBRENNER. Mr. Hofmeister. 

Mr. HOFMEISTER. I mentioned the $7 billion investment that is 

currently ongoing in Port Arthur, Texas. This will more than double the size of a refinery and take it to over 600,000 barrels a day, 

one of the world’s largest. I think we have the refining capacity to 

meet future demand. 

Mr. SENSENBRENNER. My time is up, but can I ask Mr. Simon to 

put his two cents worth in? 

Mr. SIMON. We have expanded our capacity at a rate 50 percent 

higher than industry. We do not think we will have any issues in 

terms of continuing to expand our existing capacity sufficient to 

meet demand in the future. 

Mr. SENSENBRENNER. Thank you. 

The CHAIRMAN. The gentleman’s time has expired. The Chair 

recognizes the gentleman from Oregon, Mr. Blumenauer. 

Mr. BLUMENAUER. Thank you, Mr. Chairman. 

I would just make a request. Mr. Simon, not now because you 

wouldn’t have time to explain it and I would like to see it on paper, 

if you could just explain? Have someone submit to the Committee 


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the accounting assumptions that are used to explain how you pay 

more in taxes than you earn in the United States, what assumptions you are making about downstream business versus upstream 

profits overseas would be very useful for me. 

I appreciate the couple of references that were made to the demand side of the equation. Mr. Hofmeister, I don’t think you got 

to it in your testimony on page 9, but you talked about land use 

and demand management and how people use the automobile, notions about some very specific things that we need to think about 

in terms of 17 boutique. I mean, these are important things for us 

to hear. 

But there are two points, I guess, that I would like to just zero 

in on. There are implications here that if we just opened up all our 

sensitive areas to oil exploration, that somehow we wouldn’t be in 

the fix that we are in today. But your testimony referenced the fact 

that we are five percent of the world’s population with three percent of the world’s proven reserves. And we are consuming 25 percent of the world’s oil supply. 

Do any of you think any circumstance that we wouldn’t be in a 

serious situation today given those facts and that we are going to 

need to change it in the future? Anybody think this is sustainable? 

Mr. ROBERTSON. Well, I think in my testimony, I think I said it 

is not sustainable. 

Mr. BLUMENAUER. Does anybody think the current situation is 

sustainable? Thank you. 

Mr. SIMON. Well, I certainly feel that we are going to be able to 

meet increased requirements given access and given the opportunity to do so. 

Mr. BLUMENAUER. Which is different than the current situation 

of being sustainable with 25 percent. Is there any reason that any 

of you think that American technology, conservation, demand management, that over the next 10 or 15 years, we can’t at least come 

close to what other countries are doing in western Europe, in 

Japan? Is there any reason we can’t come close to reducing our per 

capita energy utilization over the next 10 or 15 years with those 

mechanisms? 

Mr. ROBERTSON. I think we can do an awful lot on demand management. I think I said that was the most important thing that we 

can do. 

Mr. BLUMENAUER. But can we catch up with the Japanese—— 

Mr. ROBERTSON. Yes. 

Mr. BLUMENAUER [continuing]. And the Europeans over the next 

10 or 15 years? 

Mr. ROBERTSON. Yes, I think absolutely. We have a company 

called Chevron Energy Solutions that delivers energy efficiency 

services to other public agencies and to companies. They have done 

800 projects over the last few years. Many of them involved putting 

in solar panels, putting in fuel cells, putting in whatever it takes 

that particular facility to reach their energy use. 

Mr. BLUMENAUER. Mr. Robertson, I appreciate your clarification. 

I think that is very important. I appreciated what a number of you 

said in terms of diversifying and to being truly global energy companies. 

Mr. ROBERTSON. But there is—— 


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Mr. BLUMENAUER. Now, I would like—— 

Mr. ROBERTSON. And the energy cost is 30 percent on average of 

the places they have been. 

Mr. BLUMENAUER. What I would like to do is just with my remaining seconds is to clarify on the last point because you, some 

of you more aggressively than others, understand that the future 

is going to be weighted in significant ways towards renewable energies, towards solar, towards—some of you are doing geothermal 

now—biofuels, wind. 

I am curious at what point the mature part of your business, the 

oil production, which didn’t even have the manufacturing benefit 

up until 2004, at what point it is mature enough that we can focus 

the subsidy on areas of the emerging energy business and, in fact, 

many of you are involved with that appear to need it more, like 

wind and like solar. At what point do we make that switchover? 

Mr. HOFMEISTER. I think in the first instance, Congressman, 

your time frame of 10 to 15 years is too short. I think there is too 

much to be done to change behaviors, technology, and to refleet 

America, so to speak. 

We don’t have the benefits of the dense housing that exists in 

other parts of the world. So we have long commutes. We don’t have 

the benefits of mass transit systems. 

But, coming to your more recent question, I think that the issue 

that is most troubling in terms of the 199 withdrawal is a fact that 

the Congress is punishing 5 companies by name. I think that there 

is a—— 

Mr. BLUMENAUER. My point is, at what point do you no longer 

need it and it can be shifted to areas that do? 

Mr. HOFMEISTER. You know, we are mature already. We are successful as a company. I testified two years ago that we are not asking for a—— 

Mr. BLUMENAUER. And wind and solar are not yet as mature? 

Mr. HOFMEISTER. Wind and solar have lots of obstacles to overcome, even though we are investing today and moving as rapidly 

as we can. There is not enough turbine manufacturing. There are 

not enough transmission lines to make wind viable in terms of 

rapid growth. 

Mr. BLUMENAUER. Thank you. I see my time has expired. I appreciate your clarification. 

Mr. Chairman, I appreciate your indulgence. I guess my only 

concern is that we ought to be serious about taking this as something in terms of the time frame being too long. I think 10 to 15 

years may be actually that we don’t have that much time as gasoline goes to $5 and $10 a gallon, a supply becomes more tenuous, 

as the global warming reality sets in. 

And I suspect with your help and with a couple of reauthorization bills and a national strategy for infrastructure, I think we 

could put these pieces together sooner. I don’t know that we have 

a choice. 

Thank you, Mr. Chairman. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentleman from Arizona, Mr. Shadegg. 

Mr. SHADEGG. Thank you, Mr. Chairman. 


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Gentlemen, this is a hearing structured to deliver a fair amount 

of criticism to you. It seems Congress is good at that and not necessarily good at pointing a finger at itself. 

I want to ask you about a policy that this Congress enacted 

which I think deserves some criticism itself. It is my understanding 

that as a result of a loophole in the U.S. Tax Code, we have created 

a policy now recognized as splash and dash, where we created an 

incentive to produce biodiesel and enacted policies which provide 

that if you add as little as one gallon of biodiesel to 99 gallons of 

diesel produced by standard means and then you export that fuel, 

the U.S. government will provide you a dollar a gallon subsidy. 

This has become known as splash and dash. 

It has cost the American taxpayers, I believe, $30 million. Several attempts have been made to repeal this by the Congress in the 

last few years. None have done so. I understand Senator Schumer 

is working on a repeal. 

I would like to just begin by asking each of you if you are familiar with that and if you think there is any justification for that 

kind of a waste of American taxpayer dollars. 

Mr. SIMON. Congressman, our position is that we do not need 

and should not have incentives to encourage us in the renewables 

area. If there is an opportunity there and it will make sense, it 

ought to stand on its own. And free enterprise will go after it. 

Mr. SHADEGG. Are any of you aware of this splash and dash practice, where biodiesel is added? 

Mr. ROBERTSON. Yes. 

Mr. SHADEGG. Yes, sir, Mr. Robertson? 

Mr. ROBERTSON. I am aware of it. I think you characterized it 

probably right. We haven’t taken advantage of it and don’t need it. 

Mr. SHADEGG. My characterization is quite accurate, then? 

Mr. ROBERTSON. It is pretty accurate, yes. 

Mr. SHADEGG. And it is costing the American taxpayers as a result of this subsidy. And, as I understand it, the diesel fuel is actually then being exported. So the—— 

Mr. ROBERTSON. I don’t know. I can’t confirm the number that 

you said in terms of the millions of dollars, but I think your characterization of it as a way to export and take advantage of credit is 

right. 

Mr. SHADEGG. I certainly hope that that kind of a loophole can 

be closed very quickly and that it makes no sense for us to be subsidizing foreign use of our diesel fuel to encourage the production 

of biofuels here in the United States. And it is my understanding 

that it has that economic impact. It is a dollar per gallon by simply 

adding one gallon of biodiesel to 99 gallons of regular diesel. 

Mr. Simon, can you tell me what percentage of the world’s ten 

biggest oil companies or natural gas companies are owned or operated by foreign governments? 

Mr. SIMON. Well, if you look at the top companies, only about 2 

of the top 13, as I recall, are national oil companies. And the rest 

of them are international oil companies. 

Mr. SHADEGG. And do you know what percentage of the world’s 

proven reserves U.S. oil companies control? 


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Mr. SIMON. Well, I know what it is in terms of national oil companies. It is about six percent. I am sorry. The international companies is six percent. National oil companies is about 80 percent. 

Mr. SHADEGG. Mr. Hofmeister, you testified that U.S. oil production has declined, I believe you said, over the last—I am not sure 

if you said decade. While our demand has gone up, our production 

has gone down. 

Mr. Robertson, you explained that we have enacted increasing 

policies to restrict access to fuel supplies here. And you expressed 

concern about the rest of the world being asked to produce more 

energy supplies while we are restricting access to energy supplies 

here. 

One of my colleagues up here said, well, perhaps you were suggesting that the answer is that we be allowed to drill in every sensitive area. I suspect there are areas that are less sensitive than 

others. And I suspect that or I would like to know, is there a correlation between the number of areas that have been reserved or 

locked off over the last decade and the decline in production and 

are there areas that you could point to where we could be exploring, either of you or any of you, where we could be exploring for 

reserves or using reserves that are there to increase production 

here in the United States without doing environmental damage? 

Mr. ROBERTSON. Well, I mean, you know, one of the things that 

I would point out is that the offshore, most of the offshore, in the 

United States has not been looked at with modern technology in 

many, many, many years. It was really 1980s and 1970s technology, seismic technology, that looked at that. 

So the first thing that I think would make sense to do—and the 

government, frankly, could do this—is sponsor a seismic survey of 

the offshore, of the entire continental shelf of the United States. 

And then at least you would be talking about facts. 

You would know what was prospective and what wasn’t perspective. You could look at the areas that were environmentally sensitive and the areas that aren’t environmentally sensitive. And you 

could zero in and be debating on real information, as opposed to 

worrying about the whole offshore, because it is pretty clear that 

there are going to be some areas that are prospective for drilling 

and there are going to be some areas that aren’t. 

So at least you could narrow the playing field, it seems to me, 

very dramatically and figure out where the likelihood of America’s 

opportunity is. 

Mr. SHADEGG. And do you believe that is substantial? 

Mr. ROBERTSON. I believe it is substantial, very substantial, yes. 

Mr. SIMON. Mr. Hofmeister. 

Mr. HOFMEISTER. Absolutely. I think knowing what we know 

from past surveys, I think the API estimates there are more than 

100 billion barrels of reserves that are not coming from what some 

people might term sensitive areas. These are outer continental 

shelf deposits that have been there for geological areas. 

And not having had access for some 30 years, we have seen this 

steady increase in imports and steady decline in American production. We have geared our exploration and production to around the 

world, rather than the United States. 


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Mr. SHADEGG. I thank you for your testimony. I assume technology has improved in that 30 years in terms of protecting the environment. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentleman from Washington State, Mr. 

Inslee. 

Mr. INSLEE. Thank you. 

First off, we need to say something good about the industry here. 

One point of this hearing, I want to congratulate BP for meeting 

their Kyoto CO2 reduction targets of their internal operations within, I think, three or four years, showing that this can be done. It 

is a good example for the rest of us. 

I want to ask,—this is a question to all of you—did you or any 

of your associates participate in the secret Vice President Dick 

Cheney Energy Task Force in 2001? 

Mr. ROBERTSON. We did not. 

Mr. HOFMEISTER. I testified previously the answer is no. 

Mr. SIMON. No. 

Mr. MALONE. Yes. 

Mr. INSLEE. And, Mr. Malone, could you make your documents 

related to that, secret meetings, available to the Committee? 

Mr. MALONE. Yes, sir. 

Mr. INSLEE. Thank you. We would make that request. 

Mr. Simon, listening to your testimony makes me even more convinced that we need to act to create an incentive for decision-makers and industry to really make real investments in the clean energy revolution, rather than relatively small ones. 

And the reason I say that is that listening to you, as far as I can 

tell, you are spending less than half a percent of your gross revenues on clean energy research. Is that right? 

Mr. SIMON. It would be a very modest amount. I would acknowledge that. But I would not acknowledge that we are not doing a 

lot to address greenhouse gas emissions. 

Mr. INSLEE. Well, considering that we have to cut our greenhouse 

gas emissions 80 percent in this country below our levels by 2050, 

would you agree that if your company continues on its present 

course, it will fall several hundred orders of magnitude short of 

what we have to do to prevent cataclysmic global climate change? 

Mr. SIMON. Well, the assumption there that that is required in 

order to do that, I would—— 

Mr. INSLEE. How is it going to happen? I mean, oil isn’t going 

to, all of a sudden, become clean. We need to do the research to 

figure out these technologies. 

Mr. SIMON. No, but the fact is that we are going to have oil and 

gas and coal. And it is going to constitute about 80 percent of the 

energy equation. 

With that as a given, how do we then address and do what we 

can to mitigate greenhouse gas emissions with that being the case? 

Mr. INSLEE. Would you agree with me, sir, that if Exxon continues on its present course of having less than one-half of one percent of its revenues associated with clean energy sources other 

than oil and gas, that the world is going to suffer significantly unless Exxon and its like changes its behavior? 


hsrobinson on DSK69SOYB1PROD with HEARING
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Mr. SIMON. No, I don’t agree with that. And I think we can do 

a lot more in terms of emitting greenhouse gas emissions by focusing on the areas that we are, transportation, efficiency improvements being one. 

Mr. INSLEE. So if you don’t put research dollars into it, is it going 

to come from the oil fairy somehow? These new technologies are 

going to show up? 

Mr. SIMON. No. 

Mr. INSLEE. We have got to put some real money in this, don’t 

we? 

Mr. SIMON. Given the fact that, again, we got oil and it is in our 

equation and it is going to be a significant factor, we are focusing 

on how do we make the use of that oil much more efficient. 

Mr. INSLEE. Well, let me suggest—I hope that you will go take 

from this hearing a much more optimistic viewpoint of our capability. 

You mentioned the money you are putting into Stanford. I was 

at Stanford last weekend talking to their scientists. And I was very 

excited by going over a report called a renewable energy solution 

to global warming presented by Mark Jacobson, Atmospheric Energy Program, Department of Civil and Environmental Engineering, Stanford University. 

And what they concluded—and I will just read you a couple of 

sentences in the summary—‘‘The U.S. could replace all on-road vehicles with battery electric vehicles powered by 71,000 to 122,000 

5-megawatt wind turbines less than the 300,000 airplanes the U.S. 

produced during World War II. Wind battery electric vehicles could 

reduce U.S. carbon dioxide by 25.5 percent. Solar battery electric 

vehicles can reduce it by 23.4 percent.’’ 

Now, would you agree with me that this, a vision from Stanford, 

the folks that you are giving some money to, is one that the United 

States really needs and that with your pathetically small research 

budget we are not going to meet unless something changes? 

Mr. SIMON. No, I don’t agree with that, Congressman. And I 

would invite you to go look for yourself at what we are doing in 

a global climate and energy project. I think you would find it to be 

quite significant. It has long-term very significant impacts in terms 

of what it can do on the energy equation and greenhouse gas mitigation. 

Mr. INSLEE. We actually did ask your company to give us the investments they were making in this, and you refused to give it to 

us. But you have helped us by telling us it is less than one-half 

percent. 

Now, I can tell you that there are a lot of constituents that think 

that that is an inadequate contribution to the future of the planet 

Earth. And I just hope things change. And obviously we have got 

to change them by changing this tax policy. 

Thank you. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentleman from Oregon, Mr. Walden. 

Mr. WALDEN. Thank you very much, Mr. Chairman. 

I just have to ask this question because I know if my constituents were here, they would ask it. With your record high profits, 

have you thought of lowering the price of gasoline with any of that? 


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I mean, I am a small business owner for 21 years. There is that 

margin where you don’t have to charge quite as much if you are 

making a profit. 

Mr. HOFMEISTER. Could I say something in favor of profits? Profits are what enable capital investments to increase the supply. 

Mr. WALDEN. You are talking to a capitalist. 

Mr. HOFMEISTER. Lowering our prices happens in many markets 

based upon local supply and demand. The prices go up. The prices 

go down. These prices are set at the street level in the local marketplaces where they come from. 

The global price of crude, however, is the real issue. That is the 

real problem in the cost of gasoline. And the global price of crude 

will not go down unless the supply increases. 

Mr. WALDEN. Or the demand goes down. And that is what I fear 

is happening in our country today. It is not that the demand is 

going down because of conservation. The demand is going down because our economy is taking a big hit. The people are having to 

make some really tough choices. 

You have got the independent truckers today that are boycotting 

or striking to send a message. I mean, we are at a very, very perilous time in our economy right now. 

I am not against profits. Don’t get me wrong. Again, I am a small 

business owner for 21 years. I understand that it’s important to 

make the next set of capital investments. I also understand the reinvestment can come to helping your consumers once in a while, 

too, in terms of price where that is appropriate. 

Mr. Robertson, I have a question for you regarding ethanol. I understand that Chevron blends—about 40 percent of gasoline that 

you sell in the United States has ethanol in it. Can you speak to 

us about the volatility in price that has specifically been documents 

related to ethanol in that mix? Is that driving gas up or not? 

Mr. ROBERTSON. I think ethanol prices have been pretty erratic 

here in the last couple of years. And they were—— 

Mr. WALDEN. Is your mike on, sir? 

Mr. ROBERTSON. Yes, it is. 

Mr. WALDEN. Okay. 

Mr. ROBERTSON. Ethanol prices have been pretty volatile over 

the last couple of years, but I think it is a very small part, frankly, 

of the price of gasoline. I think it has been already testified 70 percent of the price of gasoline is crude oil, 15 percent of the price of 

gasoline is taxes. 

So the balance, effectively, if you take today $100 oil and 42 gallons is $2.50, 2.50 a gallon is crude oil, add 40 cents for taxes, 

$2.90, there isn’t much left. So I think, frankly, even though ethanol is about five percent of our gasoline, that volatility hasn’t had 

that much of an effect. 

Mr. WALDEN. Okay. I appreciate that. I used to chair the Forestry Subcommittee and have been very interested in your partnership with Weyerhaeuser in terms of biofuels. And I know my colleague from South Dakota and I both have been real interested in 

trying to correct a wrong in the energy bill that passed. It said 

woody biomass of federal forest lands or unless it has grown specifically for biomass, doesn’t count toward renewable fuels standVerDate Mar 15 2010 21:43 Nov 20, 2010 Jkt 061641 PO 00000 Frm 00171 Fmt 6633 Sfmt 6602 E:\HR\OC\A641.XXX A641

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ard, which seems sort of bizarre if we are serious about getting to 

the next generation of fuels. 

Can you talk to us about any breakthroughs you are seeing on 

cellulosic development, where we can turn woody biomass into a 

fuel we can burn in our vehicles at an economic rate? 

Mr. ROBERTSON. You know, I don’t think I can tell you much 

about any new breaks. I mean, the JV with Weyerhaeuser is relatively new, although we have been working with them for about 

a year. 

Mr. WALDEN. Right. 

Mr. ROBERTSON. The thing that is important is they have got a 

huge amount of forestry, obviously, and timberland in the United 

States—— 

Mr. WALDEN. Right. 

Mr. ROBERTSON [continuing]. And a lot of knowledge on chemistry of forest products. We have got a lot of knowledge on fuels 

and the chemistry of fuels. And we are pretty convinced that, working together, we can come up with something that we can create, 

make into a commercial scale project. But at the moment, it is really about technology and about trying to find the breakthrough. 

We have also got a whole series of partnerships with universities: 

one in Georgia Tech, which deals with forest products; one in UC 

California, Davis because they have got different kinds of agricultural projects there; one in Texas, so different places, trying different kinds of feed stocks. But I can’t report any breakthroughs 

yet. It is not that the science doesn’t work. It is the scale, the scaling. 

Mr. WALDEN. Right. 

Mr. ROBERTSON. We have got the science in lots of places. We 

just—— 

Mr. WALDEN. I think it holds great promise, indeed. 

Mr. ROBERTSON. Yes, I think it is great promise. 

Mr. WALDEN. Mr. Malone, while you are here, I also serve on the 

Energy and Commerce Committee and the Oversight Investigation 

Subcommittee. And we did some oversight hearings on your pipe 

issue up in Alaska. Can you give us an update on the security of 

that piping system up there? 

Mr. MALONE. Thank you, Congressman. I remember the hearings 

well. 

Yes. Excellent progress. As you know, we said we would have it 

done in two years. Because we have to do it during the winter season, with our partners, the lines have now been replaced. 

We are finishing up the last bit of it. It will be done on schedule, 

maybe even ahead of time. We actually have oil flowing through 

the one section of the new transit line. 

Mr. WALDEN. And the last time I was in Alaska, there was a discussion about the end of the Prudhoe Bay oil because the amount 

it takes to come down the pipeline may get to a point where it is 

just not adequate to flow. Can you give us an update on the status 

of that and the effect to the market when that happens? 

Mr. MALONE. Well, first of all, there are lots of opportunities. 

Again, there are several of us producing up there. But from our 

perspective, we see a 50-year future if we are able to move into 


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some of the heavier oils and also the in-field enhancements that we 

have. 

We originally thought we would recover somewhere around 25– 

30 percent of the oil. This field has the potential actually to recover 

65 percent. So right now we are working as hard as we can to continue the flow from Prudhoe Bay. 

Mr. WALDEN. Thank you. And thank you, Mr. Chairman, for your 

indulgence. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentleman from Connecticut, Mr. 

Larson. 

Mr. LARSON. Thank you, Mr. Chairman. And thanks to all of the 

witnesses as well for your testimony. 

I want to make an assumption. I think it is pretty broad but 

pretty clear that your primary responsibility, your primary fiduciary responsibility, is to the shareholders of your companies. And 

when you make decisions based in the free enterprise system and 

in the marketplace, it is based on results for the shareholders. Is 

that a fair assumption? Is there anyone who would disagree with 

that? 

When we make decisions—and a lot of our decisions are policy 

decisions based on the citizens that we are sworn to serve. And 

there was a lot of testimony and very productive testimony. And 

thank you for that. 

I want to get back to this whole issue of supply and demand. In 

my district, the independent Connecticut petroleum dealers’ association is saying that whole system has gone amuck. The laws of 

supply and demand are not operating on the street, as you were 

alluding to, Mr. Hofmeister. 

I understand in general what you are saying, but in the instance 

of particularly oil and gas, we have seen this speculation. We see 

people who do not either receive or store oil but are pushing paper 

forward and causing the artificial rise in price of oil. 

Do you agree with the independent petroleum council or are they 

way off base here? Start with Mr. Simon. We will go right down 

the line. 

Mr. SIMON. When you look at the fundamentals of our business, 

Congressman, the supply/demand fundamentals, our assessment 

would be the price should be somewhere around $50–55 a barrel. 

There is a disconnect. 

To me, there are three factors that contribute to that. One is the 

monetary issue, the weaker dollars we have already talked about. 

The other is geopolitical risk. And the third, we believe, is speculation. And you could probably break that into three parts. And it is 

about 30 to 40 percent of—— 

Mr. LARSON. Would most of you agree with that assessment or 

would you alter your assessment? Most of you would agree with 

those three factors? I would agree with those three factors. What 

would you do about the—— 

Mr. ROBERTSON. I think the price of the dollar is part of it as 

well. 

Mr. LARSON. Okay. What would you do about the speculators? 

Mr. ROBERTSON. What would I do about—I mean—— 


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Mr. MALONE. How do we get rid of the Jim Fisks and Jay Goulds 

of the crude oil? How do we stop this artificial influctuation of 

prices? 

Mr. ROBERTSON. Well, I agree with what was just said, that the 

main things that I think are driving the price of oil are the huge 

demand in the world, the reduction in spare capacity in the world, 

the price of the dollar. 

Mr. LARSON. Because of the economy, we have just witnessed 

that demand is lessening here. Hopefully through conservation, demand will lessen as well. And, yet, we see—— 

Mr. ROBERTSON. We are part of a world system. And the—— 

Mr. LARSON. We are part of a world system, but here in this 

country, we are responsible to our citizens. And how do we say? As 

I said at the outset, how do you turn to the lady who has to turn 

over an entire Social Security check to pay for her oil bill? That the 

laws of supply and demand are in effect? 

How do we deal with the fact that people can in this system manipulate the price in such a manner that, even through all of your 

good efforts—and then it has us saying to you, in turn, ‘‘Hey, what 

do you need that tax cut—what are spending? What are we giving 

you a tax break of $107 billion for?’’ 

People at Augie & Ray’s in my hometown are asking that very 

question. 

Mr. ROBERTSON. We have chosen by our policy to be dependent 

on oil from overseas. That is our choice. We chose not to develop 

our own resources in this country. That was our choice. And the 

fact of the matter is we are part of the world. We are part of the 

growing demand in the world. And we—— 

Mr. LARSON. As long as it is more profitable. What incentive is 

there for you to develop alternatives as long as it is profitable and 

you are able to get the rates that you are currently able to get? 

And if your sworn fiduciary responsibility is to provide the greatest 

return for your shareholder, geez, I don’t know,—— 

Mr. ROBERTSON. We are spending a lot of—— 

Mr. LARSON [continuing]. But it seems to me like, hey, if I were 

one of your shareholders, I would be saying, ‘‘You know, they are 

not doing a bad job. I am getting a pretty good yield on my dollar 

here.’’ 

But if I am a citizen of this country, I am saying, ‘‘We are not 

making out so well here.’’ 

Mr. ROBERTSON. Our shareholders only get return if the customers are being satisfied with the product. If we don’t sell a product that our customers want, that our shareholders are going 

to—— 

Mr. LARSON. This is a matter of customers not—they don’t have 

a choice here. When it is between heating your home or freezing 

to death, that is not much of a choice. You know, when it comes 

down to whether or not you are able to get back and forth to work, 

that is not much of a choice. 

Mr. ROBERTSON. Oh, I understand—— 

Mr. LARSON. It is what my grandfather says. Trust everyone but 

cut the cards. And somewhere in here, there is a disconnect. We 

need your help in trying to fix this disconnect. 


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Mr. Stupak was here, who left, also has proposals that are talking about the manipulation of the market. I guess—— 

Mr. ROBERTSON. We are doing our damnedest to fix this. We are 

spending as much money as our company can with our human people that we have and the infrastructure that exists. We are spending as much as we can to produce energy for the people in this 

country and the people in the world. We don’t know how to—— 

Mr. LARSON. My time is up, but I would be interested if you, all 

of you, could in writing—I would love to hear your opinions on 

what you would do to the speculative side of this market that distorts the entire market and your integrity as well. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentle lady from Michigan, Mrs. Miller. 

Mrs. MILLER. Thank you, Mr. Chairman. 

And I did mention in my opening statement and I would then 

agree with some of the comments that have been made by some of 

our witnesses here that we have made a choice as a nation, unfortunately in my estimation, not to advantage ourselves of much of 

our own energy supplies. And that is to our own disadvantage, I 

think. 

But, however, we have made that choice as a nation. But, as has 

been mentioned, we are in a global market for energy. And so my 

first question would be in regards to supply. 

Being from Michigan, a border state, we look across to our wonderful neighbors in Canada. And we see all of the oil sands that 

are there. One of you mentioned about the oil sands. 

I am just wondering, what is the actual percentage of our foreign 

supply that we get to the United States actually comes from Canada now? In regards to the oil sand, could any of you tell me generally what you think the potential might be there for an increase 

in the supply to us from Canada? And I also have an interest—I 

mean, I have heard, for instance, that China is up there trying to 

lock down a contract for as much as they can of the oil sands. 

And then also in regards to the process of refining, I believe it 

is Shell that is going to be about 20 miles from my district, actually, on the Canadian side was building a very large refinery for 

the oil sands, the Canadian oil sands. I am not sure who I am directing this to. 

Mr. Lowe. 

Mr. LOWE. ConocoPhillips is the largest landholder in the Canadian oil sands. And we have a number of different projects—— 

The CHAIRMAN. Is your microphone on, Mr. Lowe? 

Mr. LOWE. Yes. Sorry. 

The CHAIRMAN. If you could move in a little bit closer, please? 

Mr. LOWE. ConocoPhillips is the largest landholder in the Canadian oil sands. We have a number of very good projects, each multibillion-dollar projects, that we are advancing. And we believe that 

ultimately the Canadian oil sands can supply about 20 percent of 

the U.S.’s oil needs. 

But we are going to have to develop our refining infrastructure 

and our pipeline infrastructure to make sure we can get that crude 

into our refineries and make sure our refineries can process the 

heavier crude. 


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Mrs. MILLER. Twenty percent? What is it currently how much, 

approximate percentage? 

Mr. LOWE. It is relatively small. 

Mrs. MILLER. I see. 

Mr. ROBERTSON. I will make a comment. The U.S. uses about 20, 

a little over 20, million barrels a day of oil. Today there are about 

2 and a half million barrels a day of oil comes from Canada. 

So our largest importer, our largest imports of oil, come from 

Canada. Second largest come from Mexico. But the oil sands, as 

was described, could potentially be two or three million barrels a 

day, maybe higher than that. So they could double the input from 

Canada and be 10 percent or 15 or 20 percent of U.S. demand. 

Mrs. MILLER. When do you see that happening? I mean, what 

time frame? Two years? 

Mr. ROBERTSON. No, no. 

Mrs. MILLER. A hundred years? 

Mr. ROBERTSON. Ten, 15, 20 years. 

Mrs. MILLER. I see. Mr. Malone. 

Mr. ROBERTSON. It is going to build up over time. 

Mr. MALONE. I just wanted to add that, you know, we have two 

Midwest refineries, one in Indiana, one in Ohio, that through either joint ventures now or through supply agreements, we are 

going to expand both those refineries to take on a significant, essentially completely have a Canadian crude for the Midwest, again 

including your state, it is somewhere in the area of 2.6 million gallons more a day. So the supply is there. 

Mr. HOFMEISTER. I think a point should be made that the oil 

sands are successful because of a national energy strategy that was 

developed by our neighbor to the north. We have the same opportunity in this country to develop a national energy strategy. 

The United States is blessed with more than a trillion barrels of 

potentially recoverable resource in the oil shale of Colorado, Utah, 

and Wyoming. 

We have, Shell has, been in that region for more than 20 years 

testing, experimenting, environmentally sound ways to potentially 

extract that resource. And we do not see support coming forward 

to make that a reality in terms of national policy. And it might be 

something for Congress to consider. 

Mrs. MILLER. Congress doesn’t always do well in national policy. 

And, Mr. Hofmeister, I know in your testimony, you said you applauded the higher CAFE standards. But the domestic auto industry, my personal observations are, we are going to end up bankrupting the domestic auto industry because of the mandates that 

we put on it. But I appreciate what you have said there. 

I only have 30 seconds left. What about China? We keep hearing 

about China up there contracting for the oil sands. Does anybody 

have any comment on that and what is happening there that might 

shut us out of the supply? 

Mr. ROBERTSON. I don’t see they are going to shut us out of the 

supply. I mean, China is in many ways just like the United States. 

They are competing in the world for energy supplies. We are competing with them. They are investing in projects around the world, 

just like we are. 


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They are investing in Canadian projects, like we are. But I don’t 

think there is any shutout by Canada. In fact, most of the oil in 

Canada mostly like is going to come south to the United States. 

Mr. SIMON. I would agree with that. I think we also have to be 

careful about passing legislation here that would cut us off from 

that supply of heavy tar sands and heavy oil from Canada, which 

I think is a real issue that Congress needs to address. 

Mrs. MILLER. Thank you, Mr. Chairman. 

The CHAIRMAN. The gentlelady’s time has expired. 

The Chair recognizes the gentleman from Missouri, Mr. Cleaver. 

Mr. CLEAVER. Thank you, Mr. Chairman. I am going to try to ask 

short questions and so I can get short answers in my time. 

My father worked all of his life. He never earned more than $25,000 a year. And there were years that he actually worked three 

jobs, most of the time just two. He sent four children to college. He 

is 86 years old. 

There will be people like my father all over the country. And I 

will have some of them at a meeting next Saturday when I do my 

monthly coffee with the congressmen. 

Mr. Simon, what can I say to them to help them understand how Lee Raymond received a $400 million severance package from 

ExxonMobil, which translates into $141,000 a day? What do I say 

next Saturday to the people who come to my meeting who are 

struggling to get to work now because they can’t afford to put gasoline in their car? 

Can you help me get them to understand how it is okay for Mr. Raymond to get a $400 million package and they struggled and oil 

company profits are at an all-time high? 

Mr. SIMON. Well, I would hope that would be behind us by now, 

Congressman, but I would just—— 

Mr. CLEAVER. Why? 

Mr. SIMON [continuing]. Point out, as we have said before—— 

Mr. CLEAVER. Why? 

Mr. SIMON. Because that is in the past. It hasn’t been adhered 

recently. What—— 

Mr. CLEAVER. Well, we can only talk about gas prices from yesterday. I mean, everything we talk about here is in the past. 

Mr. SIMON. Well, I agree, but yesterday is a lot different than, 

let’s say, when that occurred. But I believe, as we testified before, 

when you break down that, I think there was a misconception of 

how much of that was due to past, how much of it was due to future, and how much was due to current earnings there. And I think 

it was blown out of proportion. 

Mr. CLEAVER. So you think I should tell people in my district and 

probably all over the country that the $400 million package was 

blown out of proportion? 

Mr. SIMON. I think when you look at it, Congressman, and you 

break it down and you look at that pay package relative to others 

that were doing the same kind of jobs, you would consider it was 

competitive. And it was done by outside directors. There was not 

management involved in that at all. And they looked at others to 

make sure we are competitive. 

Mr. CLEAVER. This is a rhetorical question. Whatever happened 

to shame? 


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Since we are having difficulty providing access that I think all 

of you agreed that we need, are any of you right now going back 

to oil wells that were tapped out or deemed to be somewhat unprofitable when oil was sold at a far less price? I mean, are any of you 

now unplugging or upgrading old wells? 

Mr. ROBERTSON. Well, we are certainly going back to facilities 

that maybe oil fields that are producing and looking at the opportunity to put more technology into those oil fields and more ways 

to extract more from those wells. 

So, for example, in the San Joaquim Valley in California, where 

we have a big field, that field has now been producing for 100 

years. It is likely to get up to—originally we probably thought we 

would be able to recover 320 percent of the oil that is in that field. 

Today we are looking at ways to get up to 80 percent. 

So more technology, higher prices obviously lead to the opportunity to put more money and more technology into existing fields 

that can make them last a lot longer and make them increase the 

production. So in that sense, yes. 

Mr. CLEAVER. We could get the impression that the oil industry 

is struggling. I mean, if you listen, you don’t think it is struggling. 

Mr. HOFMEISTER. I think we struggle for access, Congressman. 

We struggle for access in which we can have appropriate investments that are making the return on that investment worthwhile. 

In other words, we are looking for the ample reserves. We could 

spend an awful lot more money with very low return if we were 

looking in the old fields in which a lot of that oil has already been 

extracted. 

I agree with my colleague that there are wonderful technical opportunities to get more from existing fields, but until the nation 

has a means by which we could use, for example, CO2 for enhanced 

oil recovery in the large quantities that would be necessary, many 

of these old fields will not have the ability to produce a lot more 

oil. 

Mr. CLEAVER. All of your companies are doing well, right? 

Mr. ROBERTSON. Well, we are working darned hard. I mean, we 

have got a big challenge to meet. We have got the world, including 

this country, that needs a lot of energy. And we are spending and 

putting more human energy into these investments into these 

projects than we ever have before. So life is not easy. 

Mr. CLEAVER. Well, you are stuck in the 85.13. I think Exxon 

was 85.45 closed out yesterday. That doesn’t sound much like a 

struggle. 

Mr. ROBERTSON. I didn’t say it was a struggle. I said we were 

working hard to try and solve a problem that exists. 

Mr. CLEAVER. Thank you, Mr. Chairman. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentleman from Oklahoma, Mr. Sullivan. 

Mr. SULLIVAN. Thank you, Mr. Chairman. And thanks again for 

being here. 

I believe that global warming is occurring. I think that man has 

something to do with it. It doesn’t have everything to do with it but 

has a part to play in this. And we want to see a reduction in greenVerDate Mar 15 2010 21:43 Nov 20, 2010 Jkt 061641 PO 00000 Frm 00178 Fmt 6633 Sfmt 6602 E:\HR\OC\A641.XXX A641

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house gas emissions as we go forward in the future. And I am trying to kind of boil down what everyone here has said in my mind. 

What I think you are basically saying—and I want to see if this 

is a true statement—is that you believe that we want to spur domestic production, looking at other areas to drill in or explore in, 

and for gas and oil mainly to displace the oil and gas that we get 

from other countries. 

You said, I think Mr. Hofmeister said or one of you said, that 80 

percent of the reserves are owned by foreign companies, national 

companies. Is that true? Is it something like that? 

Mr. ROBERTSON. More than that. 

Mr. SULLIVAN. More than that? So, really, you guys collectively 

represent about, I guess, less than ten percent of the global reserves? 

Mr. ROBERTSON. Chevron is 0.6 percent of the global—— 

Mr. SULLIVAN. I thought it was more than that, actually. 

Mr. ROBERTSON. Chevron is 0.6 percent of global oil and gas reserves. 

Mr. SIMON. We are 6. 

Mr. SULLIVAN. So, really, it is a national security issue. We want 

to displace that. And you are saying that you are not opposed to 

moving into renewable fuels, into alternative fuels? You are doing 

research and development in that. You want to move in that direction and get those accomplished. 

But I think, Mr. Hofmeister, again, you said that—and I am for 

that, too. I want to see us move away from gas and oil eventually 

in the future, you know, towards renewable fuels. I am for that. 

But we can’t even do it immediately. I mean, in the short term, you 

said 15 to 20 years to develop this technology. And we need to do 

that. 

I guess my question is I am for all of these renewables. I am for 

alternative fuels. I think we need to move in that. But basically 

you are saying that oil and gas are still going to be very much a 

part of the equation as we move into this new frontier of alternative fuels. 

And all of you are willing to do that. All of you think that is what 

we are trying to do. Would that be a fair statement to say? 

Mr. HOFMEISTER. I think it is important for the American people 

to understand the scale of what is going on in the U.S. economy. 

Ten thousand gallons of oil a second is consumed in this country, 

60 billion cubic feet of gas a day. If we stack those cubic feet on 

top of each other, it would be from here to the moon and back 25 

times. Twenty rail cars of coal are burned a minute in this country. 

This is every minute of every day and every second of every day. 

And so the scale of the massive amounts of hydrocarbons that 

are consumed to support the world’s largest economy and one of 

the most creative and innovative economies is absolutely necessary. 

And the demand for electricity continues to rise across this country. 

We may see a dip in liquid fuel demand because of prices currently 

and other economic factors, but to be able to move to an alternative 

requires the technology to make it possible to make it commercial. 

What is slowing the movement to alternatives is the lack of 

commerciality yet. In other words, people aren’t making a profit at 

it. People are investing in it, but they are not yet making a profit. 


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As we get up larger scale, as we learn more up the maturity 

curve, I think we will make a lot of money in alternative and renewable energies. And the technology will be a propulsion engine 

for the nation’s economy in the future. 

Mr. SIMON. Congressman, I would want to support your comment. When you look at our outlook, if you look at the National Petroleum Council study, if you look at the IEA outlook, oil and gas 

will continue to represent the dominant source of energy, at least 

up through the year 2030. If you look at total fossil fuels, including 

coal, about 80 percent. That is where it is today. 

I think when you look at any outlook in terms of the impact of 

renewables, it is going to be very, very small, down in the two percent, three percent range. 

Mr. SULLIVAN. Well, I am from Oklahoma. And I remember when 

I was in college in the 1980s. I remember a lot of people were petroleum land management. They got out of it. 

I know that I have seen people lose jobs. I have seen people get 

out of this industry. I have seen it hurt my community by people, 

the down turn by low oil prices. I remember it was $9 a barrel, $16 

a barrel. People panicked. The state wasn’t getting the revenues 

that they needed. 

So you guys are making record profits right now, but have you 

ever lost money? You have lost money, too. Would that be a true 

statement? You have lost money. 

Mr. ROBERTSON. Yes. I mean, I was there and head of our North 

American Division in 1999 when we closed the books and our earnings were zero, zero for North America. 

Mr. SULLIVAN. How does your equity investment rate of return 

compare to other industries, for example? Have you ever done any 

analysis on that? 

Mr. ROBERTSON. Well, as was I think already said, our profits 

per dollar of sales, which is a typical way of looking across industries, is about 8.3 cents per dollar sales. The average for the U.S. 

is 7.8. 

Mr. SULLIVAN. Another thing, if I could mention, how many people domestically do each one of you employ? And do you offer retirement benefits and then health insurance? 

Mr. HOFMEISTER. At Shell, we have about 250,000 people who 

have jobs because of Shell every day in America. We have about 

25,000 working directly for Shell, but in our gas stations, our Jiffy 

Lube stores, tens of thousands of additional people work. 

Mr. ROBERTSON. We have 27,000 Chevron employees in the 

United States. The average worker, salaried worker, is about 

$125,000 a year. The average hourly worker is about $75,000 a 

year. They all have pension plans, and they all have health plans. 

Mr. SULLIVAN. Anyone else? 

Mr. SIMON. We have about 30. And I would echo what they said 

in terms of if you look at the pension plan and the amount paid. 

Mr. MALONE. Thirty-eight thousand and a multiple of roughly 

four times contractors in support, a multiple even higher than that, 

health care pension plans. 

Mr. LOWE. Congressman, the point I would make is kind of one 

of the points you are making. When I started working at Phillips 

Petroleum Company in 1981, we had over 9,000 employees in 


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Bartlesville. We went through some rough times. In 1998, we were 

down to 2,000 employees in Bartlesville. That was due to tough 

times. 

Mr. SULLIVAN. Thank you very much. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentleman from California, Mr. 

McNerney. 

Mr. MCNERNEY. Thank you, Mr. Chairman. 

With varying degrees of emphasis, each of you has indicated that 

you have investments in renewable or energy-efficient technology. 

What I would like to see is what your vision in the long term and 

the short term is as your companies make up in relation to oil 

versus alternative new energy technologies, starting with Mr. Robertson. 

Mr. ROBERTSON. Well, you know, we are supportive of the data 

that was in the National Petroleum Council study that basically 

said in 2030, 85 percent of the world’s energy would still come from 

coal, oil, and gas. So we think we are probably in a fossil fuel environment for some time. 

We are spending something like—we are going to spend two and 

a half billion dollars over the next two years in the area of renewables and energy efficiency. And I think the biggest opportunity— 

and we have been talking a lot about supply here. 

And I know that the biggest opportunity for us, frankly, I think, 

as a country and maybe as a world is in energy efficiency and 

using energy more wisely. So I think that, you know, the evidence 

from our company that goes around doing these projects with public agencies is that we can get 30 percent reduction in use of energy 

from these projects. 

Our own evidence inside our company, we are now 27 percent 

more energy-efficient than we were 15 years ago. And most of that 

time we were expecting oil to be $20 a barrel. So there is an opportunity for us all to become a whole lot more energy-efficient. 

And, frankly, I still think the number one issue, the number one 

thing that the—and the Congress did some things in the last energy bill in terms of energy efficiency and appliance standards and 

those things, but I think in terms of leading the nation, leading the 

nation, towards becoming a set of energy savers and becoming a— 

this being a scarce resource, that is the biggest source of energy as 

far as I am concerned. 

Mr. MCNERNEY. Thank you, Mr. Robertson. 

Mr. Hofmeister, do you think that we have reached a maximum 

output possible of oil in historical terms? And if so, do you believe 

that the Alaska and offshore resources would change that peak oil 

timing at all? 

Mr. HOFMEISTER. I do not subscribe at all to peak oil theory. I 

think it is a theory that is based upon very narrow assumptions. 

I think if you look at the National Petroleum Council study, which 

has been referred to, or other studies around the world, the idea 

of moving from 80 million, 85 million barrels of production today, 

which we do, to somewhere near 110–115 million barrels a day is 

in the focus of most international oil companies and do believe and 

certainly Shell believes that the world can produce significantly 


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more oil than it does today, even while the focus is on other alternatives. 

Mr. MCNERNEY. So what is the bottleneck, then? Why are we 

such a logjam to oil prices? 

Mr. HOFMEISTER. I think that is an excellent question. I think 

there are bottlenecks around the world where, for example, within 

nations that are oil-exporting nations, where national oil companies 

dominate, access from international oil companies is limited in 

many cases. 

I think the United States is probably the world’s best example 

of having lots of resources that are not permitted to be developed. 

And so we are not able to go into 85 percent of the outer continental shelf, for example. 

Mr. MCNERNEY. So you don’t think that the Hubbard’s results 

are accurate or reflect reality? 

Mr. HOFMEISTER. Not at all because, in addition to what I have 

described in terms of what is out there, that theory makes no remarks with respect to unconventional oil, such as oil sands or oil 

shale. 

Mr. MCNERNEY. What do you think the makeup of your company 

will be in terms of oil versus other alternatives? 

Mr. HOFMEISTER. Well, we were part and parcel of the National 

Petroleum Council study, as were other companies. And I subscribe 

to the outcomes of that study that by 2030, we will still be dominantly a hydrocarbon economy. 

Mr. MCNERNEY. All right. I am finished with my questions. 

The CHAIRMAN. The gentleman’s time has expired. 

The Chair recognizes the gentlelady from Tennessee, Ms. 

Blackburn. 

Ms. BLACKBURN. Thank you, Mr. Chairman. I am tempted to ask 

for his extra time, but I won’t. 

I want to thank you all very much for being here. I am struck 

by the fact that you have mentioned many times that we have all 

made choices, our nation has made choices when it comes to energy 

policy. And those choices have consequences. And I think that some 

unwise choices 20–30 years ago are yielding what we are seeing 

today. 

And we need to realize that sometimes policy, we need to take 

a long-term view. And I appreciate that you all are willing to come 

here and sit down with us and begin to get our hands around this 

problem and get this thing solved. 

I want to just ask you a couple of quick things, but I want to 

start with this. When a consumer buys a gallon of gas and they are 

paying their $3.29 at the pump, we know that 69 percent of that 

is going to crude. And if anybody disagrees with this, I want you 

to pipe up and tell me. We know that 13 percent of that is going 

for taxes and that 18 percent is there to cover refining, distribution 

costs, and marketing. Does anyone disagree with those percentages 

and allowances? [No response.] 

Ms. BLACKBURN. So would it be true that the government actually makes the most as a single entity out of a gallon of gas, that 

they are realizing the most? Mr. Simon. 

Mr. SIMON. That is correct. 


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Ms. BLACKBURN. That is correct? Okay. Because I think it is so 

interesting that that is where a lot of the money goes and that is 

affecting what we are paying at the pump. 

I want to come back to a point that was also made about comprehensive strategy because we have to find out how we are going 

to deal with this. And I am going to borrow from you, Mr. 

Hofmeister. I think you are exactly right: short-term, mid-range, 

and long-term. 

What I would like to hear from you is what you all are doing in 

each of those categories. And I am not going to ask for you to sit 

here and articulate anything right now because we know some of 

the things that you are doing for alternatives and for future. I 

would like to have this in the form of just one sheet when we are 

talking with individuals. 

You didn’t cause all of this problem. Policy has caused part of 

this problem. You all may be partly to blame. The House and the 

Senate and the administration can all be partly to blame in this. 

The problem is we weren’t looking far enough down the road early 

enough to address it. And, as I said, that should have been a few 

years back. 

We do need to work on something that is a comprehensive strategy for this country that is going to consider supply, demand, that 

takes into account a global marketplace, takes into account that 

you all are dealing with companies that are owned by governments, 

that are not independently owned. 

So I am going to ask you all to submit that to us, what you are 

doing that you think will give us the greatest impact in the short 

term, where your mid-range focus is as we look toward 2030 and 

we look toward our fossil fuel needs moving toward 2030, what you 

are doing there, the policies that would help us with that and then 

long term the policies and the actions that we can take that create 

the environment for you to do your best. I would like to hear that. 

And then my last question that I wanted to touch on, windfall 

profits tax, like the ones that were proposed last year, how would 

that affect your bottom line? And what would it do to fuel prices? 

Mr. Malone, I will start with you. And let’s just work down the 

line. 

Mr. MALONE. Well, we are investing dollar for dollar in this 

country. So you take a dollar more in taxes. It is going to be a dollar left available for investment. 

Ms. BLACKBURN. Very good. 

Mr. Lowe. 

Mr. LOWE. Yes, same for us. 

Ms. BLACKBURN. Same? 

Mr. LOWE. It just reduces the amount of supply. 

Ms. BLACKBURN. Okay. 

Mr. ROBERTSON. I think what this Committee is after is increasing supply of energy, not reducing. I think that would reduce it. 

Ms. BLACKBURN. Okay. 

Mr. HOFMEISTER. I think windfall profits were tried before. And 

it has resulted in some of what the problem is we face today: lack 

of supply. And I would also say we are dollar for dollar in the 

United States. 

Ms. BLACKBURN. Mr. Simon. 


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Mr. SIMON. I would say the same. The policy if you tax something, you are going to get less of it. 

Ms. BLACKBURN. Okay. And, Mr. Simon, I want to clarify one 

thing. In your testimony, you said from ’03 to ’07, your earnings 

grew by 89 percent, but your income taxes grew by 170 percent. 

Over the last 5 years, ExxonMobil’s U.S. total tax bill exceeded 

your U.S. earnings by $19 billion. 

Mr. SIMON. That is correct. 

Ms. BLACKBURN. That is correct? 

Mr. SIMON. That is correct. 

Ms. BLACKBURN. Okay. Thank you, sir. 

Mr. Chairman, thank you. I yield back. 

The CHAIRMAN. Great. The gentlelady’s time has expired. 

The Chair recognizes the gentlelady from California, Ms. Solis. 

Ms. SOLIS. Thank you. 

I have been listening attentively to many of your statements regarding different investments that you all have made. And I want 

to particularly commend BP, Mr. Malone, because I had an opportunity on a visit with this Select Committee. We visited the Chancellor Merkel and some folks, some business folks, out there and 

had a very extensive discussion with your representative about 

solar panels and investments here in the United States and 

collaboratives that you have with universities. And it seems to me 

that you made an investment a long time ago, maybe a decade ago, 

that you were going to address this issue of green gases and how 

CO2 is affecting our entire environment. 

I failed to understand why your other colleagues haven’t been 

able to maybe come up to speed in that same vein. And I wonder 

what led you, then, to make those kinds of decisions, to make those 

investments because you are a global market. 

Obviously your tentacles are everywhere but especially in the 

EU. And because there are dramatic changes occurring there with 

governments, I think that has, in my opinion, given you the impetus to do more. 

So if you could just touch on that? Because what I am trying to 

sense here is that we are not doing enough to create an incentive 

so that your other colleagues would do the same. But I see that 

happening in Europe. Tell me what you see. 

Mr. MALONE. Well, just a couple of comments. Yes, early on, my 

company—although the science was incomplete, we made the policy 

decision that we could not take the risk with global warming while 

we are waiting for science to settle. And that was our decision 

seven years ago. What we have been asked—— 

Ms. SOLIS. Would you put a price on that risk at that time? Was 

there a risk factor there—— 

Mr. MALONE. No. 

Ms. SOLIS [continuing]. For you to fail? 

Mr. MALONE. No. 

Ms. SOLIS. No? 

Mr. MALONE. No. 

Ms. SOLIS. Okay. 

Mr. MALONE. No. But we knew that we were in the carbon business. And we knew that our business emits greenhouse gases and 


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that we needed to start. And we implemented—a number of things 

have been referenced here internally. 

I think the important thing, though, there is a missing link now. 

We are seven years down the road. And we still don’t have any way 

to price and market carbon in this country. So, even though you 

can do some things internally, we are now faced with these refineries we are talking about with greenhouse gas emission increases 

of CO2. And if you can’t sequester it, there is no market mechanism 

for us to be able to move forward. 

So seven years later, we do have the ability to have acted on a 

piece of legislation. And we are hoping to be a part of that. 

Ms. SOLIS. Okay. One of my other concerns is that most of you 

here talked about the barriers that federal government or maybe 

even local government has put up roadblocks for you to develop 

those current leases that you have. Could you tell me specifically 

why you have not been able to develop those leases that you currently have that have about 80 percent of the oil, the U.S. oil, that 

is available? And I will go to Mr. Simon. 

Mr. SIMON. I don’t know of any that we are not developing. Those 

that we already have access to, developing in as rapid a fashion as 

we can. 

Ms. SOLIS. Go on to the next. 

Mr. HOFMEISTER. Leases are generally a ten-year time horizon. 

And during that period of time, we are continuously evaluating 

where we can best use our technology and science to develop those 

leases. 

Sometimes ten years isn’t long enough because of the tremendous 

capital expenditure that is necessary. For example, in the Gulf of 

Mexico, it is easily a billion dollars now for a major deep water 

project in just one lease. 

Ms. SOLIS. But then how do you explain your record profits that 

are well over one billion—— 

Mr. HOFMEISTER. Well, the profits—— 

Ms. SOLIS [continuing]. That can’t be redirected in some way or 

apportioned? 

Mr. HOFMEISTER. The profits are cumulative around the world, 

but in the case of, let’s say, the Gulf of Mexico, we are limited by 

the amount of manpower that we have. We don’t have the kind of 

human resource that can do all of the leases simultaneously. And 

so we do—— 

Ms. SOLIS. So the obstacle isn’t from the federal government. It 

is a market obstacle. That is your obstacle. 

Mr. HOFMEISTER. The federal government’s obstacle has been to 

prohibit the granting of leases in the outer continental shelf more 

broadly. Had we had the confidence that we could do more leasing, 

we would be scaling up our operations to go after more leases. 

Mr. ROBERTSON. I am not sure whether there is a misunderstanding here, but certainly all the leases that we have—that we 

have spent money on with the government—we are working on and 

trying to develop. 

And obviously we work the biggest prospects. I mean, once you 

get a lease, then you do some work on it. You do some seismic 

work. You do some drilling. And you see which ones are the best 

to develop. And we develop them. After a period of time—— 


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Ms. SOLIS. But there are different stages of that development. 

Mr. ROBERTSON. Yes, but after a period of time—— 

Ms. SOLIS. And not all of them are—— 

Mr. ROBERTSON. After a period of time—— 

Ms. SOLIS. The spigot isn’t open on all of them is what I am trying to get at. 

Mr. ROBERTSON. After a period of time if we don’t do something, 

we have to turn it back to the government. So we are working on 

the leases. 

You asked another question about so many years ago. Twenty 

years ago Chevron started developing geothermal energy in California. Today Chevron is the largest geothermal energy company in 

the world. It is still relatively small in the scale of the world’s energy business, but it is 1,200 megawatts of power. 

So I think we have been doing this for many, many years. 

Ms. SOLIS. Mr. Chairman, could I just ask—— 

Mr. ROBERTSON. It makes a difference. 

Ms. SOLIS [continuing]. If we could get from the witnesses a listing of those current leases and at what stage they are at so I have 

a better understanding of what is in existence, what is being utilized, and what isn’t? 

The CHAIRMAN. Okay. The gentlelady has propounded that request. Would the witnesses at the table be willing to—— 

Mr. LOWE. A short example, when lease acreage has become 

available; for example, two Gulf of Mexico deep water lease rounds 

last fall, a recent Chukchi Sea lease round off Alaska— 

ConocoPhillips has been high bidder on a billion dollars for those 

leases. So we are starved for access. Access really is the issue. 

The CHAIRMAN. We would ask for that information to be provided 

for the record to the Committee. 

The gentlelady’s time has expired. 

The gentleman from Oklahoma. For what purpose does the gentleman seek recognition? 

Mr. SULLIVAN. Mr. Chairman, I would like to ask unanimous 

consent to enter the National Petroleum Council’s book, ‘‘The Hard 

Truths About Energy.’’ If I could submit this? 

The CHAIRMAN. Without objection, it will be included in the 

record. 

[The book offered by Mr. Sullivan follows:] 

Mr. SULLIVAN. Thank you, sir. 

The CHAIRMAN. Thank the gentleman. 

The Chair recognizes the gentlelady from South Dakota, Ms. 

Herseth Sandlin. 

Ms. HERSETH SANDLIN. Thank you, Mr. Chairman. 

On March 24th, Patrick Barta wrote in the Wall Street Journal 

that ‘‘Without biofuels, oil prices would be even higher’’ than they 

are now. His report cited Francisco Blanch at Merrill Lynch as observing that, according to the piece, ‘‘oil and gasoline prices would 

be about 15 percent higher if biofuel producers weren’t increasing 

their output,’’ meaning oil would be priced above $115 per barrel. 

Do each of you agree with Blanch’s analysis, ‘‘Yes’’ or ‘‘No’’? And 

if not, why not? 

Mr. LOWE. I think there is an argument there. Roughly five percent of liquid fuels are now ethanol in this country, some small 


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amounts of biodiesel. I think there would be some impact, but I 

don’t know that it would be 15 percent. 

Mr. ROBERTSON. I think any amount of additional energy in the 

world will directly lower prices. So more oil would lower prices. 

More gas would lower prices, more coal, more biofuels. So I have 

no doubt that it has some marginal effect. I would be very surprised if it is as big as you suggest. 

Mr. LOWE. Certainly directionally I would agree. That is why we 

need all forms of energy. 

Mr. MALONE. I would agree. 

Mr. SIMON. I would just point out I think you have got to look 

at the cost associated with producing biofuels versus gasoline out 

of crude. If you look at $5 per bushel of corn price today and $100 

per barrel crude, the production cost of biofuels is about $3.15 a 

gallon. And crude is $2.70. So it is hard for me to see how that 

would have a positive impact in terms of the price of gasoline that 

people pay in terms of the biofuels there. 

Ms. HERSETH SANDLIN. So you don’t agree, Mr. Simon, that it 

has any impact whatsoever in light of what you claim to be the production cost of corn ethanol today? 

Mr. SIMON. I think we have got to be careful if you think you are 

lowering the price that the consumer pays at the pump by mandating a higher cost liquid fuel that goes into producing—— 

Ms. HERSETH SANDLIN. Right. I understand you probably have 

been opposed to the renewable fuels standard either, the one that 

we included in the 2005 Act or even the one that we recently 

passed. Is that correct, Mr. Simon? 

Mr. SIMON. Our corporation does not think that mandates and 

subsidies are the right approach. 

Ms. HERSETH SANDLIN. What is the percentage of ethanol that 

ExxonMobil blends in U.S. gasoline today? 

Mr. SIMON. Today we blend about eight percent. 

Ms. HERSETH SANDLIN. Eight percent. And so you would be 

blending that, even if there wasn’t a renewable fuels standard? 

Mr. SIMON. No, that is not correct. I think if there were not a 

renewable fuel standard, it would be lower than that. 

Ms. HERSETH SANDLIN. And do any of your companies support 

higher ethanol blends beyond E10 in light of recent studies that 

suggest a blend of 20 percent and even 30 percent ethanol increased fuel efficiency and do not pose any types of damage, corrosive damage, to the vehicles, as some have suggested? 

Mr. ROBERTSON. Well, to start with, we are working in California 

to get the limit raised from 5.7 percent, which is today’s limit in 

California because of environmental restrictions, to 10 percent. So 

that is the first place we have got to go. 

I do believe that going over ten percent in the nation would 

stretch the food system to the point that you don’t want to go any 

further. So we have the first generation, second generation ethanol 

from cellulosic conversion. And we are working as hard as we know 

how to generate that kind of technology and to produce that kind 

of stuff. 

So going beyond ten percent across the country would not work 

in today’s environment. 


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Ms. HERSETH SANDLIN. You mentioned the impact on food prices. 

And I think that there was perhaps some suggestion of this, Mr. 

Simon, in a comment you made in your opening statement about 

developing renewable fuels and leading to unintended consequences. 

Mr. SIMON. Yes. 

Ms. HERSETH SANDLIN. Do any of you have any independent 

analysis that you can share with the Committee that it has been 

the cost of the price per bushel of corn or wheat that has directly 

led to the increase in food prices and what percentage that constitutes versus energy costs associated with processing or transporting the food? 

Mr. ROBERTSON. I do not that I am aware of. 

Ms. HERSETH SANDLIN. None of you have any independent analysis to make that claim? 

Mr. SIMON. I think there have been independent studies done in 

that regard, but we certainly don’t have them. 

Ms. HERSETH SANDLIN. Okay. But you tend to cite—— 

Mr. SIMON. I believe based on all that I have read from lots of 

different places that the price of food has been impacted by the requirement to turn a lot of corn into ethanol. 

Ms. HERSETH SANDLIN. And would you also agree with the statement, though, that the price of food is also affected by increased 

energy costs? 

Mr. SIMON. Sure. 

Ms. HERSETH SANDLIN. But you haven’t done any independent 

analysis that would break down the percentages associated with 

energy versus other commodities? 

Mr. SIMON. I have not. 

Ms. HERSETH SANDLIN. Okay. Well, my time is up. So I will yield 

the remainder of my time. Thank you, Mr. Chairman. 

The CHAIRMAN. Okay. 

Ms. HERSETH SANDLIN. Oh, one last question. Are any of the 

other four companies, other than ConnocoPhillips, test marketing 

E85 or biodiesel? 

Mr. HOFMEISTER. Yes. Shell has a test market in Chicago where 

we are looking at consumer acceptance of the product. 

Mr. ROBERTSON. We have got a test going with the State of California with several hundred vehicles that are running on E85. And 

we sell E85 at a very small number of service stations around the 

country. 

Mr. SIMON. We have E85 at only about 30 service stations. 

Mr. MALONE. We have limited E85. We are waiting on some 

pump approvals. But we do have it under the canopy now. 

The CHAIRMAN. The gentlelady’s time has expired. 

The Chair recognizes the gentleman from New York State, Mr. 

Hall. 

Mr. HALL. Thank you, Mr. Chairman. And forgive me if my questions were already asked by somebody. I was across the street at 

another hearing. 

I wanted, first of all, to comment on my colleague and my friend 

from Tennessee, who is no longer here, Ms. Blackburn’s statement 

that the actions of Congress so far on energy have not gotten results. And I would just point out that, as I understand it, the atVerDate Mar 15 2010 21:43 Nov 20, 2010 Jkt 061641 PO 00000 Frm 00188 Fmt 6633 Sfmt 6602 E:\HR\OC\A641.XXX A641

hsrobinson on DSK69SOYB1PROD with HEARING
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tempt by the House to take back the $14 billion the previous Congress had given in tax breaks to oil companies has not passed the 

other body or been signed by the President. So that has no effect 

on what is going on. 

And, secondly, the energy bill we passed with the CAFE standards increased was signed in December, just a couple of months 

ago. And, therefore, we are looking at 2020 before that goal is supposed to be reached. So one couldn’t reasonably expect that that action would already be doing much visibly. 

Here is a question. I have got a constituent who called one of our 

offices in Carmel, New York and said, ‘‘I just bought myself a flex 

fuel vehicle. Where can I get some flex fuel?’’ And our staff had to 

disappoint her by telling her that, to our knowledge, there were 

only two pumps in New York at the time selling E85. 

And the question is, to the extent that you have stations? I understand many gas stations are independently operated, but many 

others are run under the flag of your companies. 

Could you or would you have a policy or make a commitment to 

have at least one biofuel pump at each gas station? And if not, why 

not? Forgive me if you have already answered that question but 

maybe Mr. Simon and then down the row. 

Mr. HALL. No, I would not make that commitment. We don’t 

make a biofuel. Therefore, we cannot warranty it. And, therefore, 

we would not want to sell it under our brand. We do not deny our 

dealers the right to do so, but they simply cannot do that under 

our brand. 

Mr. HALL. Okay. Thank you very much. 

Mr. Hofmeister. 

Mr. HOFMEISTER. I mentioned a few minutes ago that we do have 

a pilot project at company-owned stations in Chicago in which we 

are testing the market acceptance of E85. I must say that the results are very poor to date from a consumer acceptance standpoint. 

But we do not prohibit our independent dealers and franchisees 

across the nation from making a decision to put a pump on their 

site. 

Mr. HALL. Thank you very much. I am sorry for cutting you off. 

I just have a short time here. 

Mr. ROBERTSON. Yes. I mean, the—— 

Mr. HALL. Same? 

Mr. ROBERTSON. The vast majority of service stations in the 

United States flying a Chevron flag are independently owned. 

Mr. HALL. Right. 

Mr. ROBERTSON. They are entitled to put in—— 

Mr. HALL. If they want, they can do it? 

Mr. ROBERTSON [continuing]. A fuel pump if they want. They 

have to make sure that it doesn’t interfere with the brand, but they 

can do that. And some have. 

Mr. HALL. Okay. 

Mr. LOWE. Yes. 

Mr. HALL. Mr. Lowe. 

Mr. LOWE. ConnocoPhillips is test marketing E85. Potentially we 

have identified over 2,500 sites. But, as Mr. Hofmeister noted, so 

far the consumer acceptance hasn’t been very—— 

Mr. HALL. And, Mr. Malone. 


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Mr. MALONE. We do have sites that are non-BP-owned that have 

E85. We don’t prohibit it. We are very concerned, though, about the 

UL listing on the pump. 

Mr. HALL. Right. Okay. Diesel obviously is a different kettle of 

fish. I mean, I am burning similar fuel, burning 20 percent biodiesel in my home heating oil. And it doesn’t seem to require an 

adjustment to the system. I have friends who have driven off-thelot diesel vehicles made in America that were driven actually on 

100 percent biodiesel from wood in this particular instance. 

I wanted to ask if you—I am sure you are all familiar with the 

Fischer-Tropsch reaction and the use by the Nazis during World 

War II to make liquid fuels from coal. There have been some studies recently showing that this can be done taking carbon dioxide 

from the air and especially in parts of the country where there is 

nearly constant sunshine or nearly constant wind to use renewables as the driver for this process. 

Are you aware of this or is this among the things that any of you 

are studying? Mr. Hofmeister, maybe you would go first on that. 

Mr. HOFMEISTER. Our work thus far has been on solid materials, 

not gaseous materials other than natural gas, which we are turning into a liquid form for fuel purposes. 

Mr. ROBERTSON. Well, we have a global joint venture with Sasol 

of South Africa, who have been the main users of Fischer-Tropsch 

technology. And we are building a gas-to-liquids plant using Fischer-Tropsch technology. But I am not aware of a system that can 

take carbon dioxide out of the air if that is what you were saying. 

Mr. HALL. It might be worth looking into. And it would be a huge 

public relations boon not to mention, I think, a moneymaker for 

you. 

And the last question I guess I would ask you because it is amazing how fast five minutes run out, I wanted to ask you if I could 

be imprecise here, if you are making, say, $2 gazillion of profit in 

a given time period, would you consider using half a gazillion or 

a quarter of a gazillion or whatever, however much of your advertising budget. 

Now that a number of you have said conservation is important, 

demand management is important, would you as a patriotic move 

and for the good of I think all of us in the United States, certainly 

our national security, use some piece of your advertising budget to 

tell people that they should conserve, that it is patriotic to conserve 

and that it is certainly good for—— 

Mr. HOFMEISTER. Shell does that in all of its 14,000 branded stations across the country currently. 

Mr. ROBERTSON. I think if you have been looking at Chevron advertising, you see a lot of our conservation but absolutely. 

Mr. LOWE. Yes, we are already doing it. 

Mr. MALONE. We are already doing it. 

Mr. SIMON. We are a strong proponent of using our products 

more efficiently and work hard to educate the public in that regard. 

Mr. HALL. I will be looking for that advertising more. Thank you. 

Thank you, Mr. Chairman. 

The CHAIRMAN. Okay. The gentleman’s time has expired. And all 

time for questions by the members of the Select Committee has expired. But Mr. Stupak has been waiting for 2 hours and 40 minutes 


hsrobinson on DSK69SOYB1PROD with HEARING
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to ask questions. And Ms. Jackson-Lee has been a more recent arrival. But out of courtesy to them, I make a unanimous consent request that they be allowed as guests of the Select Committee to ask 

questions of the witnesses who are testifying before us today. 

Mr. SENSENBRENNER. Mr. Chairman, reserving the right to object, I am not sure that a committee can by unanimous consent 

suspend a House rule that applies to the Committee. And I am 

looking specifically at House rule 11(2)(g)(ii)(c), which says that 

other members are welcome at committees but in a nonparticipatory manner. 

And I would ask the Chair to withdraw the unanimous consent 

request because I don’t think that it is proper and in compliance 

with the rules to waive a House rule in a committee. 

The CHAIRMAN. Well, if the gentleman would yield—— 

Mr. SENSENBRENNER. I yield. 

The CHAIRMAN [continuing]. Under House custom, any one of its 

rules can be waived by unanimous consent. And, again, I remake 

that proposal to the members of the Committee—— 

Mr. SENSENBRENNER. Well—— 

The CHAIRMAN [continuing]. That we waive the rule by unanimous consent. 

Mr. SENSENBRENNER. Well, reclaiming my time, I don’t think 

that we can waive a House rule in committee. I think that that requires an action by the House, largely through the Rules Committee. So I object. 

The CHAIRMAN. The Chair hears an objection. And, as a result, 

the Chair is constrained by that objection to recognize the guests 

of the Committee. 

Mr. STUPAK. Jim, if you were going to object, why didn’t you tell 

us three hours ago? 

Mr. SENSENBRENNER. Well, I move to strike the last word. I did 

not know that there would be this request that would be made. It 

was not cleared with the minority. 

The CHAIRMAN. I apologize to the gentleman from Michigan. I 

appreciate the—— 

Mr. STUPAK. No apologies necessary. What goes around comes 

around. 

The CHAIRMAN [continuing]. Position that the gentleman has 

been—— 

Ms. JACKSON LEE. I thank you for extending the offer, Mr. Chairman. It is an important issue. And we are here for that reason. I 

was here starting from 1:00 p.m. Thank you. 

The CHAIRMAN. Thank the gentlelady. 

So we have reached the conclusion of this hearing. I would say 

to the oil company executives that, as President Kennedy used to 

say, to those whom much is given much is expected. There has 

been a windfall of revenues, which has fallen to the oil companies 

represented here over the last several years. It is highly likely to 

continue this year and into the indefinite future. 

I think that with that great opportunity that you have been 

given, there is a responsibility that you have to discharge. As I 

asked earlier, there should be a commitment that each of you 

make. I would recommend that it be ten percent of your profits go 

into renewable energy projects. 


hsrobinson on DSK69SOYB1PROD with HEARING
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We will not be able to solve this global climate challenge unless 

you do so. You are the leading energy companies in our country 

and in the world. We cannot solve this problem without your full 

participation. 

And, similarly, consumers will not be able to deal with this issue 

without your focused attention upon them. The poorest, the working class are going to be devastated. They will have to choose between heating and eating. We are reaching that point in our country. And it is your responsibility to deal with this issue in a responsible fashion. 

To the extent to which you don’t have to take all of this as profit 

and you can lower your prices, I think you should do so. To the extent to which you can deal with this as an issue of speculation in 

the marketplace and you can support the deployment of the strategic petroleum reserve, which I recommend as a way of piercing 

this speculative bubble, I recommend that you take that position. 

I recommend that you take any position that helps the consumer 

and that will help this renewable energy revolution. But that is up 

to you. But all I can tell you is—and I can predict this with a guarantee—that this is the first of many hearings that you are going 

to have this year before the Congress. 

My father always said try to start out where you are going to be 

forced to wind up anyway. And so I am asking you each to deal 

with that issue of the amount of your profits that you put into renewable energy resources this years and for every subsequent year 

and to also deal with this issue of how it is going to affect blue collar and poor citizens of our country. 

We thank you each for your testimony here before us today. And, 

with that, this hearing is adjourned. 

[Whereupon, at 2:46 p.m., the foregoing matter was concluded.] 


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hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 296 here 61641A.165
223 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 297 here 61641A.166
224 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 298 here 61641A.167
225 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 299 here 61641A.168
226 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 300 here 61641A.169
227 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 301 here 61641A.170
228 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 302 here 61641A.171
229 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 303 here 61641A.172
230 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 304 here 61641A.173
231 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 305 here 61641A.174
232 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 306 here 61641A.175
233 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 307 here 61641A.176
234 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 308 here 61641A.177
235 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 309 here 61641A.178
236 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 310 here 61641A.179
237 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 311 here 61641A.180
238 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 312 here 61641A.181
239 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 313 here 61641A.182
240 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 314 here 61641A.183
241 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 315 here 61641A.184
242 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 316 here 61641A.185
243 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 317 here 61641A.186
244 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 318 here 61641A.187
245 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 319 here 61641A.188
246 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 320 here 61641A.189
247 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 321 here 61641A.190
248 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 322 here 61641A.191
249 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 323 here 61641A.192
250 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 324 here 61641A.193
251 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 325 here 61641A.194
252 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 326 here 61641A.195
253 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 327 here 61641A.196
254 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 328 here 61641A.197
255 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 329 here 61641A.198
256 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 330 here 61641A.199
257 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 331 here 61641A.200
258 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 332 here 61641A.201
259 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 333 here 61641A.202
260 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 334 here 61641A.203
261 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 335 here 61641A.204
262 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 336 here 61641A.205
263 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 337 here 61641A.206
264 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 338 here 61641A.207
265 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 339 here 61641A.208
266 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 340 here 61641A.209
267 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 341 here 61641A.210
268 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 342 here 61641A.211
269 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 343 here 61641A.212
270 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 344 here 61641A.213
271 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 345 here 61641A.214
272 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 346 here 61641A.215
273 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 347 here 61641A.216
274 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 348 here 61641A.217
275 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 349 here 61641A.218
276 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 350 here 61641A.219
277 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 351 here 61641A.220
278 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 352 here 61641A.221
279 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 353 here 61641A.222
280 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 354 here 61641A.223
281 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 355 here 61641A.224
282 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 356 here 61641A.225
283 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 357 here 61641A.226
284 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 358 here 61641A.227
285 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 359 here 61641A.228
286 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 360 here 61641A.229
287 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 361 here 61641A.230
288 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 362 here 61641A.231
289 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 363 here 61641A.232
290 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 364 here 61641A.233
291 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 365 here 61641A.234
292 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 366 here 61641A.235
293 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 367 here 61641A.236
294 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 368 here 61641A.237
295 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 369 here 61641A.238
296 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 370 here 61641A.239
297 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 371 here 61641A.240
298 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 372 here 61641A.241
299 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 373 here 61641A.242
300 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 374 here 61641A.243
301 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 375 here 61641A.244
302 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 376 here 61641A.245
303 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 377 here 61641A.246
304 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 378 here 61641A.247
305 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 379 here 61641A.248
306 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 380 here 61641A.249
307 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 381 here 61641A.250
308 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 382 here 61641A.251
309 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 383 here 61641A.252
310 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 384 here 61641A.253
311 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 385 here 61641A.254
312 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 386 here 61641A.255
313 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 387 here 61641A.256
314 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 388 here 61641A.257
315 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 389 here 61641A.258
316 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 390 here 61641A.259
317 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 391 here 61641A.260
318 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 392 here 61641A.261
319 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 393 here 61641A.262
320 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 394 here 61641A.263
321 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 395 here 61641A.264
322 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 396 here 61641A.265
323 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 397 here 61641A.266
324 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 398 here 61641A.267
325 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 399 here 61641A.268
326 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 400 here 61641A.269
327 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 401 here 61641A.270
328 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 402 here 61641A.271
329 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 403 here 61641A.272
330 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 404 here 61641A.273
331 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 405 here 61641A.274
332 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 406 here 61641A.275
333 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 407 here 61641A.276
334 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 408 here 61641A.277
335 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 409 here 61641A.278
336 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 410 here 61641A.279
337 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 411 here 61641A.280
338 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 412 here 61641A.281
339 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 413 here 61641A.282
340 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 414 here 61641A.283
341 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 415 here 61641A.284
342 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 416 here 61641A.285
343 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 417 here 61641A.286
344 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 418 here 61641A.287
345 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 419 here 61641A.288
346 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 420 here 61641A.289
347 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 421 here 61641A.290
348 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 422 here 61641A.291
349 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 423 here 61641A.292
350 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 424 here 61641A.293
351 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 425 here 61641A.294
352 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 426 here 61641A.295
353 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 427 here 61641A.296
354 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 428 here 61641A.297
355 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 429 here 61641A.298
356 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 430 here 61641A.299
357 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 431 here 61641A.300
358 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 432 here 61641A.301
359 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 433 here 61641A.302
360 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 434 here 61641A.303
361 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 435 here 61641A.304
362 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 436 here 61641A.305
363 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 437 here 61641A.306
364 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 438 here 61641A.307
365 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 439 here 61641A.308
366 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 440 here 61641A.309
367 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 441 here 61641A.310
368 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 442 here 61641A.311
369 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 443 here 61641A.312
370 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 444 here 61641A.313
371 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 445 here 61641A.314
372 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 446 here 61641A.315
373 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 447 here 61641A.316
374 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 448 here 61641A.317
375 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 449 here 61641A.318
376 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 450 here 61641A.319
377 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 451 here 61641A.320
378 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 452 here 61641A.321
379 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 453 here 61641A.322
380 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 454 here 61641A.323
381 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 455 here 61641A.324
382 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 456 here 61641A.325
383 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 457 here 61641A.326
384 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 458 here 61641A.327
385 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 459 here 61641A.328
386 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 460 here 61641A.329
387 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 461 here 61641A.330
388 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 462 here 61641A.331
389 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 463 here 61641A.332
390 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 464 here 61641A.333
391 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 465 here 61641A.334
392 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 466 here 61641A.335
393 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 467 here 61641A.336
394 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 468 here 61641A.337
395 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 469 here 61641A.338
396 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 470 here 61641A.339
397 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 471 here 61641A.340
398 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 472 here 61641A.341
399 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 473 here 61641A.342
400 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 474 here 61641A.343
401 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 475 here 61641A.344
402 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 476 here 61641A.345
403 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 477 here 61641A.346
404 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 478 here 61641A.347
405 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 479 here 61641A.348
406 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 480 here 61641A.349
407 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 481 here 61641A.350
408 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 482 here 61641A.351
409 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 483 here 61641A.352
410 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 484 here 61641A.353
411 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 485 here 61641A.354
412 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 486 here 61641A.355
413 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 487 here 61641A.356
414 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 488 here 61641A.357
415 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 489 here 61641A.358
416 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 490 here 61641A.359
417 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 491 here 61641A.360
418 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 492 here 61641A.361
419 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 493 here 61641A.362
420 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 494 here 61641A.363
421 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 495 here 61641A.364
422 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 496 here 61641A.365
423 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 497 here 61641A.366
424 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 498 here 61641A.367
425 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 499 here 61641A.368
426 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 500 here 61641A.369
427 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 501 here 61641A.370
428 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 502 here 61641A.371
429 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 503 here 61641A.372
430 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 504 here 61641A.373
431 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 505 here 61641A.374
432 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 506 here 61641A.375
433 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 507 here 61641A.376
434 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 508 here 61641A.377
435 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 509 here 61641A.378
436 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 510 here 61641A.379
437 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 511 here 61641A.380
438 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 512 here 61641A.381
439 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 513 here 61641A.382
440 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 514 here 61641A.383
441 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 515 here 61641A.384
442 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 516 here 61641A.385
443 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 517 here 61641A.386
444 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 518 here 61641A.387
445 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 519 here 61641A.388
446 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 520 here 61641A.389
447 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 521 here 61641A.390
448 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 522 here 61641A.391
449 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 523 here 61641A.392
450 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 524 here 61641A.393
451 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 525 here 61641A.394
452 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 526 here 61641A.395
453 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 527 here 61641A.396
454 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 528 here 61641A.397
455 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 529 here 61641A.398
456 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 530 here 61641A.399
457 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 531 here 61641A.400
458 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 532 here 61641A.401
459 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 533 here 61641A.402
460 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 534 here 61641A.403
461 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 535 here 61641A.404
462 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 536 here 61641A.405
463 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 537 here 61641A.406
464 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 538 here 61641A.407
465 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 539 here 61641A.408
466 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 540 here 61641A.409
467 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 541 here 61641A.410
468 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 542 here 61641A.411
469 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 543 here 61641A.412
470 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 544 here 61641A.413
471 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 545 here 61641A.414
472 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 546 here 61641A.415
473 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 547 here 61641A.416
474 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 548 here 61641A.417
475 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 549 here 61641A.418
476 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 550 here 61641A.419
477 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 551 here 61641A.420
478 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 552 here 61641A.421
479 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 553 here 61641A.422
480 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 554 here 61641A.423
481 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 555 here 61641A.424
482 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 556 here 61641A.425
483 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 557 here 61641A.426
484 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 558 here 61641A.427
485 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 559 here 61641A.428
486 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 560 here 61641A.429
487 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 561 here 61641A.430
488 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 562 here 61641A.431
489 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 563 here 61641A.432
490 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 564 here 61641A.433
491 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 565 here 61641A.434
492 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 566 here 61641A.435
493 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 567 here 61641A.436
494 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 568 here 61641A.437
495 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 569 here 61641A.438
496 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 570 here 61641A.439
497 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 571 here 61641A.440
498 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 572 here 61641A.441
499 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 573 here 61641A.442
500 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 574 here 61641A.443
501 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 575 here 61641A.444
502 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 576 here 61641A.445
503 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 577 here 61641A.446
504 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 578 here 61641A.447
505 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 579 here 61641A.448
506 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 580 here 61641A.449
507 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 581 here 61641A.450
508 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 582 here 61641A.451
509 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 583 here 61641A.452
510 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 584 here 61641A.453
511 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 585 here 61641A.454
512 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 586 here 61641A.455
513 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 587 here 61641A.456
514 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 588 here 61641A.457
515 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 589 here 61641A.458
516 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 590 here 61641A.459
517 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 591 here 61641A.460
518 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 592 here 61641A.461
519 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 593 here 61641A.462
520 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 594 here 61641A.463
521 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 595 here 61641A.464
522 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 596 here 61641A.465
523 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 597 here 61641A.466
524 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 598 here 61641A.467
525 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 599 here 61641A.468
526 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 600 here 61641A.469
527 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 601 here 61641A.470
528 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 602 here 61641A.471
529 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 603 here 61641A.472
530 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 604 here 61641A.473
531 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 605 here 61641A.474
532 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 606 here 61641A.475
533 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 607 here 61641A.476
534 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 608 here 61641A.477
535 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 609 here 61641A.478
536 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 610 here 61641A.479
537 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 611 here 61641A.480
538 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 612 here 61641A.481
539 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 613 here 61641A.482
540 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 614 here 61641A.483
541 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 615 here 61641A.484
542 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 616 here 61641A.485
543 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 617 here 61641A.486
544 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 618 here 61641A.487
545 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 619 here 61641A.488
546 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 620 here 61641A.489
547 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 621 here 61641A.490
548 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 622 here 61641A.491
549 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 623 here 61641A.492
550 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 624 here 61641A.493
551 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 625 here 61641A.494
552 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 626 here 61641A.495
553 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 627 here 61641A.496
554 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 628 here 61641A.497
555 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 629 here 61641A.498
556 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 630 here 61641A.499
557 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 631 here 61641A.500
558 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 632 here 61641A.501
559 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 633 here 61641A.502
560 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 634 here 61641A.503
561 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 635 here 61641A.504
562 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 636 here 61641A.505
563 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 637 here 61641A.506
564 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 638 here 61641A.507
565 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 639 here 61641A.508
566 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 640 here 61641A.509
567 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 641 here 61641A.510
568 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 642 here 61641A.511
569 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 643 here 61641A.512
570 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 644 here 61641A.513
571 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 645 here 61641A.514
572 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 646 here 61641A.515
573 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 647 here 61641A.516
574 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 648 here 61641A.517
575 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 649 here 61641A.518
576 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 650 here 61641A.519
577 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 651 here 61641A.520
578 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 652 here 61641A.521
579 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 653 here 61641A.522
580 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 654 here 61641A.523
581 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 655 here 61641A.524
582 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 656 here 61641A.525
583 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 657 here 61641A.526
584 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 658 here 61641A.527
585 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 659 here 61641A.528
586 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 660 here 61641A.529
587 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 661 here 61641A.530
588 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 662 here 61641A.531
589 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 663 here 61641A.532
590 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 664 here 61641A.533
591 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 665 here 61641A.534
592 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 666 here 61641A.535
593 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 667 here 61641A.536
594 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 668 here 61641A.537
595 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 669 here 61641A.538
596 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 670 here 61641A.539
597 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 671 here 61641A.540
598 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 672 here 61641A.541
599 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 673 here 61641A.542
600 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 674 here 61641A.543
601 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 675 here 61641A.544
602 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 676 here 61641A.545
603 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 677 here 61641A.546
604 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 678 here 61641A.547
605 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 679 here 61641A.548
606 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 680 here 61641A.549
607 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 681 here 61641A.550
608 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 682 here 61641A.551
609 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 683 here 61641A.552
610 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 684 here 61641A.553
611 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 685 here 61641A.554
612 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 686 here 61641A.555
613 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 687 here 61641A.556
614 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 688 here 61641A.557
615 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 689 here 61641A.558
616 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 690 here 61641A.559
617 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 691 here 61641A.560
618 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 692 here 61641A.561
619 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 693 here 61641A.562
620 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 694 here 61641A.563
621 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 695 here 61641A.564
622 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 696 here 61641A.565
623 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 697 here 61641A.566
624 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 698 here 61641A.567
625 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 699 here 61641A.568
626 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 700 here 61641A.569
627 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 701 here 61641A.570
628 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 702 here 61641A.571
629 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 703 here 61641A.572
630 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 704 here 61641A.573
631 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 705 here 61641A.574
632 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 706 here 61641A.575
633 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 707 here 61641A.576
634 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 708 here 61641A.577
635 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 709 here 61641A.578
636 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 710 here 61641A.579
637 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 711 here 61641A.580
638 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 712 here 61641A.581
639 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 713 here 61641A.582
640 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 714 here 61641A.583
641 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 715 here 61641A.584
642 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 716 here 61641A.585
643 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 717 here 61641A.586
644 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 718 here 61641A.587
645 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 719 here 61641A.588
646 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 720 here 61641A.589
647 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 721 here 61641A.590
648 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 722 here 61641A.591
649 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 723 here 61641A.592
650 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 724 here 61641A.593
651 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 725 here 61641A.594
652 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 726 here 61641A.595
653 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 727 here 61641A.596
654 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 728 here 61641A.597
655 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 729 here 61641A.598
656 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 730 here 61641A.599
657 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 731 here 61641A.600
658 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 732 here 61641A.601
659 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 733 here 61641A.602
660 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 734 here 61641A.603
661 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 735 here 61641A.604
662 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 736 here 61641A.605
663 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 737 here 61641A.606
664 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 738 here 61641A.607
665 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 739 here 61641A.608
666 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 740 here 61641A.609
667 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 741 here 61641A.610
668 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 742 here 61641A.611
669 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 743 here 61641A.612
670 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 744 here 61641A.613
671 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 745 here 61641A.614
672 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 746 here 61641A.615
673 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 747 here 61641A.616
674 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 748 here 61641A.617
675 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 749 here 61641A.618
676 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 750 here 61641A.619
677 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 751 here 61641A.620
678 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 752 here 61641A.621
679 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 753 here 61641A.622
680 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 754 here 61641A.623
681 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 755 here 61641A.624
682 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 756 here 61641A.625
683 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 757 here 61641A.626
684 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 758 here 61641A.627
685 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 759 here 61641A.628
686 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 760 here 61641A.629
687 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 761 here 61641A.630
688 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 762 here 61641A.631
689 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 763 here 61641A.632
690 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 764 here 61641A.633
691 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 765 here 61641A.634
692 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 766 here 61641A.635
693 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 767 here 61641A.636
694 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 768 here 61641A.637
695 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 769 here 61641A.638
696 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 770 here 61641A.639
697 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 771 here 61641A.640
698 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 772 here 61641A.641
699 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 773 here 61641A.642
700 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 774 here 61641A.643
701 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 775 here 61641A.644
702 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 776 here 61641A.645
703 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 777 here 61641A.646
704 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 778 here 61641A.647
705 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 779 here 61641A.648
706 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 780 here 61641A.649
707 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 781 here 61641A.650
708 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 782 here 61641A.651
709 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 783 here 61641A.652
710 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 784 here 61641A.653
711 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 785 here 61641A.654
712 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 786 here 61641A.655
713 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 787 here 61641A.656
714 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 788 here 61641A.657
715 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 789 here 61641A.658
716 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 790 here 61641A.659
717 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 791 here 61641A.660
718 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 792 here 61641A.661
719 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 793 here 61641A.662
720 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 794 here 61641A.663
721 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 795 here 61641A.664
722 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 796 here 61641A.665
723 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 797 here 61641A.666
724 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 798 here 61641A.667
725 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 799 here 61641A.668
726 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 800 here 61641A.669
727 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 801 here 61641A.670
728 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 802 here 61641A.671
729 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 803 here 61641A.672
730 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 804 here 61641A.673
731 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 805 here 61641A.674
732 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 806 here 61641A.675
733 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 807 here 61641A.676
734 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 808 here 61641A.677
735 


hsrobinson on DSK69SOYB1PROD with HEARINGInsert offset folio 809 here 61641A.678