Oil industry executives defend record profits - WMC Action News 5 - Memphis, Tennessee

Oil industry executives defend record profits

Top executives of five major oil companies are on Capitol Hill defending their record profits.

They stressed that profits go up and down.

Exxon Mobil Chairman and C-E-O Lee Raymond warned against punitive measures, like a windfall profits tax.

But senators said people are hurting from high energy costs and suspect price gouging.

Senate Energy Committee Chairman Pete Domenici bluntly asked "Are you rigging the prices?"

Senator Barbara Boxer, meanwhile, highlighted the executives' multi-million dollar bonuses.

She told executives their "sacrifice appears to be nothing," while working Americans "struggle" to pay for gas and winter heating bills.

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