Oil executives sought to justify their huge profits under tough questioning Wednesday, but they found little sympathy from senators who said their constituents are suffering from high energy prices. “Your sacrifice appears to be nothing,” Sen. Barbara Boxer, D-Calif., told the executives, citing multimillion-dollar bonuses the officials are receiving amid soaring prices at gasoline pumps and predictions of more of the same for winter heating bills. There is a “growing suspicion that oil companies are taking unfair advantage,” said Sen. Pete Domenici, R-N.M. “The oil companies owe the American people an explanation.” Meanwhile, The Federal Trade Commission has sent subpoenas to Big Oil companies in its investigation of gasoline price manipulation and oil refining capacity constraints.
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