Bodman Rejects Releasing Government Oil

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Capitol Hill (AP) Oil company executives have told a house committee that the primary cause of high oil prices is tight supplies at a time of growing demand.

And as they told a senate panel earlier, they said their 36-billion-dollar first-quarter profits are not excessive given the size of their companies and the costs of oil exploration.

Congresswoman Maxine Waters told the executives that her constituents are angry over what they're paying at the pump when the industry is making tens of billions of dollars in profits. She says trying to get real answers from the industry leaders is an “exercise in futility.”

Meanwhile, Energy Secretary Samuel Bodman has told another house hearing that the problem with oil prices is not speculation but production not keeping up with demand.