Congress questions oil executives over huge profits

Congress questions oil executives over huge profits

As truckers protest against high diesel prices and the average American is finding it hard to fill up their personal car, a Congressional committee continues cross-examining oil company executives about high fuel prices and even higher profits.

"On April Fool's Day, the biggest joke of all is being played on American families by Big Oil," said Representative Edward Markey, D-Mass. 

The Select Committee on Energy Independence and Global Warming of the U.S. House of Representatives was holding a hearing, "Drilling for Answers on Oil and Gas Prices, Profits, and Alternatives." Top level top-level executives from the five largest oil companies were before the committee to discuss prices and profits.

Those same executives say their profits are not extreme and their companies should not be blames for the high costs. ExxonMobil reported record profits of $40.6 billion in 2007.

 The House recently passed the Renewable Energy and Energy Conservation Tax Act of 2008. This will end unnecessary subsidies to big oil companies and invest in clean, renewable energy like hybrid cars and energy efficient buildings and appliances. The oil companies argue that they need continued tax breaks to ensure investments in exploration, production and refinery 

expansions. President Bush has promised to veto any such bill.