Lawmakers Grill Oil Executives on Gas Costs

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Lawmakers Grill Oil Executives on Gas Costs

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Story Created: May 21, 2008 at 6:42 PM CDT

Story Updated: May 21, 2008 at 6:42 PM CDT

Crude oil continues to break records on Wall Street. Today, crude jumped more than $4.00 a barrel to end at $133.17. Top oil executives were on Captol Hill again today, while lawmakers grilled them on out-of control costs and their huge profits.
Senator Herb Kohl (D) Wisconsin, grilled oil executives in D.C. today, saying, "You're making more money than ever. In effect, your industry has no problem in doubling your profits, in tripling your profits, even when prices at the pump go crazy, you have no problem in keeping up with your increasing profit. It doesn't seem fair guys, it just doesn't seem fair."
An oil executive from Exxon Mobile says big profits are needed to cover investments when profits are down. Senate Judiciary Committee Chairman Patrick Leahy says that's a nice way to explain things to Americans who can't even afford to get to work. Another lawmaker says he doesn't understand what's going on when Exxon Mobile's annual profits have increased from 11.5 billion dollars to more than 40 billion dollars in the past five years.

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