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3/14/06

Guardian: Lawmakers Question Oil Execs on Prices (Exxon earned 36 billion dollars last year) - by Josef Hebert

For the full report go to the Guardian or click on link

Lawmakers Question Oil Execs on Prices (Exxon earned 36 billion last year)- by Josef Hebert

WASHINGTON (AP) - Top executives from the US's largest oil companies rejected arguments Tuesday that size has allowed them overwhelming market power to force up gasoline and other fuel prices. The executives, appearing before the Senate Judiciary Committee, each said that the industry mergers - a dozen over the last decade - have allow U.S. companies to improve efficiency and achieve the size and scale of operation to compete with the world's government-owned energy companies in the search for oil.

Exxon earned earned $36 billion last year.

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