Oil Company Execs Defend Huge Profits

Oil executives sought to justify their huge profits under tough questioning Wednesday, but they found little sympathy from senators who said their constituents are suffering from high energy prices.

"Your sacrifice appears to be nothing," Sen. Barbara Boxer, D-Calif., told the executives, citing multimillion-dollar bonuses the officials are receiving amid soaring prices at gasoline pumps and predictions of more of the same for winter heating bills.

There is a "growing suspicion that oil companies are taking unfair advantage," said Sen. Pete Domenici, R-N.M. "The oil companies owe the American people an explanation."

The executives represented five major companies that, along with their global parent corporations, earned more than $32.8 billion during the July-September quarter. Consumers, meanwhile, saw gasoline prices soar beyond $3 a gallon in the aftermath of supply disruptions caused by Hurricanes Katrina and Rita.

(Perhaps I'm just overly cynical but to me this was nothing but a dog and pony show. The same Senator's that have given these bastards huge tax incentives now question them about profits? This was nothing but a show to make it look like they were actually doing something on our behalf -[ you know the interests they're REALLY supposed to be representing?] - rather than on behalf of the oil companies. Nothing will come of this beyond the news cycle.)

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