Exxon Mobil reports record profit amid rising outcry
Exxon Mobil Corp. posted an $8.4 billion first quarter profit, a 7 percent gain, as oil prices stayed high and fuel costs climbed. Revenue rose to $89 billion with a 5 percent output uptick driven by projects in Africa and the Middle East. Critics in Congress push for new taxes and consumer relief while the Bush administration seeks higher fuel economy standards.
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Congress Scrambles Over Gas Price Relief Proposals
Congress and economists clash over ways to ease high fuel costs as House Republicans block new oil company taxes while Senate Republicans push a $100 rebate plan and lawmakers debate a temporary suspend of the 18.4 cent gas tax. Senate leaders vow a vote as Bernanke cautions on short term impact.
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