It was surreal to see the chief executives of five major oil companies hauled before Congress today to justify their industry’s record profits. House Speaker Dennis Hastert, R-Ill., is demanding that Big Oil spend some of its earnings on consumer price relief. Other lawmakers are arguing for a windfall profit tax. But Wednesday’s hearing likely was just posturing by lawmakers feeling heat from angry constituents. Actual action by Congress and the Bush administration seems remote.
Posted by Phillip Brownlee
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