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November 9, 2005
Energy CEOs defend huge profits
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(AP Photo) Oil company executives, from left, David O'Reilly, CEO, Chevron; James Mulva, CEO, Conoco Phillips; Ross Pillari, CEO, BP America Inc.; and John Hofmeister, president, Shell Oil Company testify on Capitol Hill before a joint Senate Energy and Commerce Committee hearing.
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Chief executive officers from the nation's largest oil companies appeared before a Senate committee today to discuss the industry's huge profits last quarter. The AP reports that Lee Raymond, chairman of Exxon Mobil Corp., said he recognizes that high gasoline prices "have put a strain on Americans' household budgets" but he defended his companies huge profits, saying petroleum earnings "go up and down" from year to year. ExxonMobil earned nearly $10 billion in the third quarter. Together, the companies earned more than $25 billion in profits. That's enough money to give every person in Rhode Island $25,000. (Not that the oil companies are suggesting this.)
Posted by Tim Barmann at November 9, 2005 11:27 AM
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