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Oil Profits

By: Associated Press
By: Associated Press

Top executives of three major oil companies will be on hot seats in Washington next week.

They'll be asked why some of their industry's estimated $96 billion in record profits this year shouldn't be used to help people having trouble paying their energy bills.

Sources say the final list of witnesses to testify before a Senate hearing hasn't been completed, but it includes Exxon Mobil's Lee Raymond, Jim Mulva of ConocoPhillips and John Hofmeister, president of the U.S. unit of Royal Dutch Shell.

The three companies together earned more than $22 billion during the July-September quarter this year. There is growing distress among both Republicans and Democrats in Congress about the huge profits reported by oil companies last week.


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