Big Oil In The Hot Seat

(CBS) When gasoline shot past $2 a gallon last June, oil companies blamed the price spike on a heavy summer driving season and depleted inventories, reports CBS News Correspondent Bob Orr. But a Senate investigation puts the blame squarely on the oil companies themselves.

In a scathing report released by a Senate subcommittee, Big Oil is accused of manipulating the market to drive up profits. "In a number of instances," the report concludes, "refiners have sought to increase prices by reducing supply."

That conclusion will be the topic of hearings that begin Tuesday, with oil industry executives set to answer questions from the Senate Governmental Affairs investigations subcommittee.