WASHINGTON - November 9, 2005 The chiefs of five major oil companies defended the industry's huge profits Wednesday at a Senate hearing where they were exhorted to explain prices and assure customers they're not being gouged. There is a "growing suspicion that oil companies are taking unfair advantage," Sen. Pete Domenici, said, opening the hearing in a packed committee room."The oil companies owe the American people an explanation," he declared.

Lee Raymond, chairman of Exxon Mobil Corp., said he recognizes that high gasoline prices "have put a strain on Americans' household budgets" but he defended his company's huge profits, saying petroleum earnings "go up and down" from year to year. ExxonMobil, the worlds' largest privately owned oil company, earned nearly $10 billion in the third quarter. Raymond was joined at the witness table by the chief executives of Chevron, ConocoPhillips, BPAmerica and Shell Oil USA. Together the companies earned more than $25 billion in profits in the July-September quarter. Raymond said the profits are in line with other industries when earnings are compared to the industry's enormous revenues.

Just in case Lee Raymond didn’t know, last year the average corporate profit increased 15%. ExxonMobil Profits are up over 75%! That’s out of line!