Oil Executives Go Before Congress to Defend Large Profits

By: AP
By: AP

CAPITOL HILL (AP) - Executives from the big five oil companies
will appear before Congress today to answer questions about how
they're raking in big profits while consumers are being hammered at
the pump.
Irving-based Exxon Mobil and Houston-based Shell, BP America and
Conoco-Phillips joined California-based Chevron in earning a
combined 123 billion dollars last year because of rising prices.
The House Select Committee on Energy Independence and Global
Warming wants to know why, with such big profits, the oil industry
is trying to hold on to 18 billion dollars in tax breaks.
The oil companies have argued that they need the tax breaks for
continued investment in exploration, production and refinery
expansion. Lawmakers say the profits they're making should be
enough incentive.
The House has approved legislation to end the tax breaks but it
hasn't made it through the Senate. President Bush has threatened to
veto any such bill that does.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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