The Scene Is Set: Almost two months ago, Exxon(NYSSE:XOM) acknowledged that its 2007 profits were the highest ever recorded by a publicly-traded company. A few weeks later, the House of Representatives responded to Big Oil's gargantuan profits by passing a bill that would redirect the $18 billion in tax breaks currently enjoyed by the oil industry into companies that are developing renewable energy resources. The bill has been shot down in the Senate, and President Bush has promised to veto it if it ever comes across his desk.
Tuesday witnessed the next step in the drama. Representatives of the top five oil companies, Exxon Mobil, Royal Dutch Shell(NYSE:RDS.A), BP(NYSE:BP), Chevron (NYSE:CVX)and Conoco Phillips(NYSE:COP) appeared before Congress to explain their record profits amid the growing gas crisis. The stage was ready, and the tension was palpable...
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