Executives from BP, Chevron, ConocoPhillips, Exxon Mobile, and Shell were questioned today by congress to explain how their profits have grown while gasoline prices have gone up, and why they have not put forth more of their profits towards renewable energy.
The executives noted that their returns were in line with other industries, and that their figures just seemed large due to billion dollar industry in which they are involved. They also defended their profits noting that they are in a high risk industry, which requires enormous capital for investment, and as such this industry also yields high returns when oil prices are high.
Responding to the question about why they have not invested their profits into renewable energy alternatives, J.S. Simons, Senior Vice President of Exxon Mobile noted "that current "just do not have an appreciable impact" in addressing "the challenge we're trying to meet.""
The executive urged Congress not to pass any tax legislation against oil companies, as it would hurt the companies effort to meet the countries future oil demand.