Oil Execs Report on Record Earnings

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Predictions of big jumps in heating costs for the winter and record-breaking profits are all hot topics on Capitol Hill as senators grilled oil executives looking for some answers to questions.

“When you see how much it costs to fill up your car with gas, your first thought is?"

"Stay home."

"It’s not good for our budget right now. We have six kids at home, so it's killing our pockets."

"Working people struggle with high gas prices and your sacrifice, gentlemen, appears to be nothing."

The oil executives argue they're spending big bucks on research, development, and reconstructing facilities in the Gulf damaged by the hurricanes.

Right after Hurricane Katrina, gas prices shot over $3 a gallon, so the question is: why didn't the oil execs freeze gas prices right after the storm struck?”

David O'Reilly says, "In our company's case, looking back at it in the affected areas, we did. However, outside of that area, to prevent a run on the bank, we had to respond to the market."

Lee Raymond adds, "Our customers are your constituents and we recognize our responsibility to make energy available to them at competitive costs."

The executives also made their case for Congress to make it easier for them to build new refineries and supported the idea of a nationwide energy conservation program.