Oil Executives Defend Profits Before a Critical Congress

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Executives from five of the world's biggest oil companies defended their companies' high profits at a Senate hearing in Washington today as lawmakers pressed them to account for soaring gasoline, diesel and natural gas prices in the months after Hurricanes Katrina and Rita struck the Gulf Coast

Acknowledging that high prices had hurt consumers, the oil company executives emphasized that by some measures their profits were not out of line and that prices were being driven by larger forces often out of their control.

"Most Americans and most of the polls show that our people have a growing suspicion that the oil companies are taking unfair advantage of the current market conditions to line their coffers with excess profits," Pete Domenici, Republican from New Mexico, said during a televised hearing.

Senator Barbara Boxer, Democrat of California, said: "Working people struggle with high gas prices, and your sacrifice, gentlemen, appears to be nothing." She noted that the executives were making millions of dollars in salaries, bonuses and stock awards.

Some senators have called for a windfall profits tax on oil company profits that would help families pay high heating bills and other energy costs.

http://www.nytimes.com/2005/11/09/busine...gy.html?hp&ex=1131598800&en=0355d9b2e54af6fb&ei=5094&partner=homepage