Oil Industry Execs Go Before a House Panel After Senate Grilling

By: Associated Press Email
By: Associated Press Email

Capitol Hill (AP) Oil industry executives can expect another rough reception when they go before a house panel this morning.

Senators didn't mince words yesterday in blasting oil executives for rising prices and profits. Illinois Democrat Richard Durbin asked bluntly if there's a corporate conscience.

The executives say the oil industry's profits are in line with those of other industries. And ExxonMobil Senior Vice President Stephen Simon said they're being squeezed by higher costs.

Crude oil prices are continuing a record upward push with no end in sight. Blame goes to a combination of supply worries, rising global demand and a slumping dollar.

The price today in Asia, for the first time, topped $135 a barrel.

Oil industry leaders are urging lawmakers to allow more domestic exploration.

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