Top executives from the five biggest oil companies in the U.S. had some big time explaining to do today... Specifically about soaring fuel prices.. despite their record profits. Congressional leaders demanded answers as to why the price at the pump is putting such a huge strain on american families...
When the oil company's combined brought in 123-billion dollars in profit last year. On top of this.. the companies benefit from *billions of dollars in tax breaks.. and they argue they shouldn't be held responsible for the rising fuel costs.. they're just keeping up with the demand.
"The us government restricts supply to us consumers.The result,we import more oil to meet the growing demand," said John Hofmeister President of Shell Oil Company.
"I hope your companies who are in a position to be a major player in a brighter economic and environmental future,that you do the right thing with these profits," said Candice Miller (R-Michigan)
The House approved a bill last year that would end tax breaks for the oil giants, but the measure hasn't passed in the Senate.