WASHINGTON - 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 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.
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