My understanding was the execs were called to testify so the people could be assured there was no gouging. Is this not the case?
Where's their proof? This is a witch hunt to pander to the ignorant.
Gasoline prices have been high for some time now, and we are starting to see the profits of oil companies being reported as "record profits", and all MSM stories that I have read include the word "gouging". This of course insinuates that Oil companies are taking advantage of the situation to stick it to the American people, and allow their fat cat executives to wallow at the trough.
As night follows day, the howls of righteous indignation can now be heard eminating from Capitol Hill, and generally anywhere an enterprising politician can be found. Sen. Byron Dorgan (D) wants "a three-year, 50 percent excise tax on oil-company profits. He defines windfall profits as the portion of the price of a barrel of oil that exceeds $40."
Gee that sounds great! Except for a couple of things....
First, the Oil companies have no real control over the price of a barrel of oil, so punishing them for that which is decided by "America's Buddies" like Mahmoud Ahmadinejad, Hugo Chávez, and Abdullah bin Abdulaziz al-Saud would be tremendously unfair.
Second, when it comes to gouging, the Oil companies can't hold a candle to the politicians themselves.
You see, government taxation (of all stripes) has far out-shined the profits of Oil companies for many years, and despite the current "record profits", is still a bigger gouge on America's wallet.
Perhaps this picture will help you visualize the issue:
http://homepage.mac.com/cptchaz/iblog/index.html