A US Senate committee heard testimony from oil company executives who tried to shift anger over high gasoline prices to a debate over supply and demand Wednesday.The senators saw through their tactics and did not let them off the hook easily.
The oil executives appeared under oath before the Senate Judiciary Committee. They said the cause of high gasoline prices was not the soaring oil company profits but rather global supply and demand.
Patrick Leahy (VT) told the executives that they had not explained "a disconnect" between normal supply and demand and the skyrocketing price of oil.
Sen. Arlen Specter (PA) said Exxon's annual profits increased from $11.5 billion to $40.6 billion in the past five years and there was no explanation for "why profits have gone up so high when the consumer is suffering so much."
The House will hold similar hearings on Thursday.
Source: Senate Judiciary Committee
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1 comment:
Sen. Arlen Specter (PA) said Exxon's annual profits increased from $11.5 billion to $40.6 billion in the past five years and there was no explanation for "why profits have gone up so high when the consumer is suffering so much."
Then Sen Specter is an idiot. The price of oil has increased. That 40.6 Billion dollars in profit represents a mere 10% of what they sold. By way of example, Microsoft makes almost 30% profit. Wells Fargo rakes in over 20% profit.
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