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Article: Trade group helps oil companies defend record earnings.(ConocoPhillips)(Exxon Mobil Corp.)
- Article from:
- The Oil Daily
- Article date:
- November 10, 2005
- Author:
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The oil industry's main trade group released a report late Tuesday, on the eve of oil executive testimony on Capitol Hill, hoping to explain why oil company profits have been climbing in recent quarters.
Exxon Mobil, ConocoPhillips and other oil companies have come under fire from US lawmakers--both Democrats and Republicans--for making what some say are excessive profits.
Prices at the pump have moved sharply lower in recent weeks, with some motorists paying under $2.30 per gallon--well below the $3/gallon price of just six weeks ago--but there is still plenty of grumbling in Washington, D.C.
The American Petroleum Institute's (API) report ...