Congress questions oil company executivesHearing comes on the heels of record profits Associated Press | November 9, 2005 The head of ExxonMobil says there are no quick fixes to higher energy prices. Chairman Lee Raymond acknowledged the prices have "put a strain" on consumers' pocketbooks. But he also told senators that punitive measures would hurt the industry. Raymond was the first of five oil company leaders to defend the industry's huge profits at a Senate hearing today. He says petroleum earnings "go up and down" from year to year, but stressed they are in line with other industries when compared to the enormous revenues involved. The hearing comes on the heels of record oil company profits, even as gasoline costs rose above three dollars a gallon. Senator Pete Domenici told the executives there is a "growing suspicion" among consumers that the oil companies are taking unfair advantage. Last modified November 9, 2005
Related:
Document Says Oil Chiefs Met With Cheney Task Force Oil Execs to Be Asked to Justify Profits Oil Companies' Profit, Sales Soar to Records Greenspan says world will have to live with high oil prices Consumer Prices Rise Sharply Oil charges to $66 on capacity worries What Dick Cheney said about Peak Oil |
COMMENT:
This is more political theater from our "representatives" on Capitol Hill. These oil company fat cats aren't being grilled by the Senate over their manipulation of the gas supply be creating artificial shortages, they are being thrown softball after softball by the politicians that they've bought and paid for.