Oil Chiefs To Face Congressional Grilling |
CBS News - Apr 1, 2008 |
Executives from the big five oil companies will appear before Congress Tuesday 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-Phillipsjoined California-based Chevron in earning a combined 123 billion dollars last year because of rising prices.
Exxon Mobil made a record $40.7 billion last year alone, reports CBS News correspondent Chip Reid.
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 in tax breaks.
Read Full Article from CBS News
- Posted: 2008-04-01 08:33:14
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