Big Oil Executives Grilled on Capitol Hill

Lawmakers on Capitol Hill spent Tuesday blasting major oil company executives, calling their plans to resolve and avoid problems in the Gulf of Mexico "virtually worthless" and "cookie cutter."

At a hearing before the House of Representatives subcommittee on energy and environment, top industry executives from across the oil industry testified on the BP PLC's (NYSE: BP) catastrophic oil spill.

The executives attempted to defend their drilling activities as the industry is facing more restrictive regulations in the future from the U.S., but the lawmakers did not seem impressed with the contingency plans to contain a similar spill by the four other oil companies present at the hearing, Exxon Mobil (NYSE: XOM), Chevron (NYSE: CVX), ConocoPhillips (NYSE: COP) and Royal Dutch Shell (NYSE: RDS.a)

"Exxon Mobil's plan appears more concerned about public perception than wildlife protection given the fact that their media plan is five times longer than its plan for protecting wildlife," Democratic Representative Bart Stupak said.

Stupak is one of the lawmakers leading the probe into the circumstances surrounding the BP oil spill that is dumping thousands of barrels of crude into the Gulf of Mexico each day. He added that none of the companies have a plan that will be implementable if a spill like this occurs in the future.

"We found that none of the five companies has an adequate plan," Representative Henry Waxman, a Democrat, said.

Shortly following the oil spill, President Barack Obama and his administration enacted a moratorium on drilling off shore in water deeper than 500 feet.

The oil executives sat blank faced in from of the committee and attempted to deflect the pressure.

"This incident represents a dramatic departure from the industry norm in deepwater drilling," Exxon Mobil Chairman Rex Tillerson said, while adding that it is critical to the future of offshore drilling to find the cause of the BP disaster.

"We remain confident in our drilling expertise and procedures, built on a foundation of multiple required safety barriers, proven methods and strict company standards,” Shell Oil Co President Marvin Odum said.

The hearing came ahead of the televised address from President Obama Tuesday evening from the Oval office. The President has faced criticism over his response to the disaster, with some calling the situation in the Gulf 'Obama's Katrina'.

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