Oil Chiefs Defend Huge Profits at Congressional Hearing. By H. Josef Hebert, AP, April 1, 2008. "Don't blame us, oil industry chiefs told a skeptical Congress. Top executives of the country's five biggest oil companies said Tuesday they know record fuel prices are hurting people, but they argued it's not their fault and their huge profits are in line with other industries. Appearing before a House committee, the executives were pressed to explain why they should continue to get billions of dollars in tax breaks when they made $123 billion last year and motorists are paying record gasoline prices at the pump. 'On April Fool's Day, the biggest joke of all is being played on American families by Big Oil,' Rep. Edward Markey, D-Mass., said, aiming his remarks at the five executives sitting shoulder-to-shoulder in a congressional hearing room."
2008-04-02
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