A congressional panel questioned the huge profits of oil companies, as prices soared to records, the Washington Post reported Wednesday.
Oil executives faced questions by the House Select Committee on Energy Independence and Global Warming, and sought to portray their firms as part of the energy solution, not the problem, the Post said.
Both Republican and Democratic lawmakers on the panel cited oil companies’ record profits last year, and said the firms may face a backlash from consumers, the Post said.
The five biggest oil companies had a combined profit of $123.3 billion last year, compared with the five biggest pharmaceutical companies, which earned $48.2 billion, and the top five defense contractors, which earned $15.5 billion, the Associated Press reported.
Oil executives said Congress and past administrations had barred oil companies from drilling in much of the Outer Continental Shelf for new sources of oil, the paper reported.
Last year and on Feb. 27, the House approved legislation that would have ended tax breaks for oil companies, using the revenue to alternative energy projects such as wind, solar and other renewable fuels, the Associated Press reported. The measure has not passed the Senate.
