Oil Chiefs Justify Profits
Thursday, November 10, 2005
According to a Financial Times report, top oil executives recently rejected allegations by some lawmakers that the oil industry was making record profits at the expense of US consumers, emphasizing the high level of investment the companies make to ensure supply and the limitations that have been set by Washington on oil exploration and development within the US.
ExxonMobil executives met with lawmakers at a rare joint hearing of the energy and commerce committees. According to the report, the company recognizes that rises in energy prices have put a strain on US household budgets, but emphasizes that there are no quick fixes to rising energy needs and that US consumers should recognize their position in a global market.
Source: The Financial Times