Oil execs to take heat from lawmakers Tuesday

Five U.S. oil company executives set to testify on Capitol Hill on Tuesday about soaring gasoline prices and record industry profits will likely offer a common defense: It's not our fault.

U.S. average pump prices have risen steadily since the beginning of 2008 and recently hit a record above $3.20 a gallon, heaping yet more pressure on a U.S. economy beleaguered by an imploding housing market and recession fears.

Rep. Ed Markey of Massachusetts, a long-time oil industry critic and chairman of the House Select Committee on Energy Independence and Global Warming, will chair the hearing called "Drilling for Answers: Oil Company Profits, Runaway Prices and the Pursuit of Alternatives."

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