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Wednesday, November 09, 2005 

The Senate Keeps Chase After Robber Barron Oil Execs.

WASHINGTON (AP) - Huge oil company profits at a time when motorists paid $3-plus for gasoline have sent shivers through a Congress worried about the political fallout.

Now senators are venting some anger - and hoping to get some answers - as the top executives of five of the biggest and most profitable oil companies testify at a Senate hearing.

The executives hoped Wednesday to dampen any further momentum for calls for taxing windfall oil company profits, something still viewed as a long shot but also no longer out of the question. Such a tax could inhibit investment in refineries or oil exploration and production, the industry contends.

Thankfully I was wrong, the recently lowered pump prices will not cool down the heat on Oil Execs. Regardless of their motives, I hope the Senators continue to chase this fox into the forest. (See: Pump Prices Down?)