Oil Executives Go Before Congress To Defend Large Profits

By: Associated Press Email
By: Associated Press Email

Capitol Hill (AP) Lawmakers will question oil company executives today on how the oil industry can get energy prices down and shift focus to renewable energy.

The executives appear before a committee, in part to be asked why they want to keep tax breaks while raking in billions of dollars in profits.

Exxon Mobil, Shell, BP America, Chevron and Conoco-Phillips earned a combined 123 billion dollars last year because of rising prices.

The oil companies have argued that they need the tax breaks for continued investment in exploration, production and refinery expansion. Lawmakers say the profits they're making should be enough incentive.

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