Oil execs called to Congress to explain energy prices, profits

? After presenting shareholders with double-digit profit increases last month, leaders of major oil companies will face a tougher crowd today.

The chief executives of five of the world’s largest oil companies will testify before joint Senate committees this morning.

Lee Raymond of ExxonMobil, David O’Reilly of Chevron, James Mulva of ConocoPhillips, Ross Pillari of BP America and John Hofmeister of Shell Oil are scheduled to appear on a morning panel before the Senate Energy and Natural Resources Committee and the Committee on Commerce, Science and Transportation. They will discuss record energy prices and their third-quarter profits.

“They’re going to catch some real heat because the American people need answers, and that’s going to happen here,” Sen. Pete Dominici, R-N.M., said in a recorded message on Tuesday.

In the afternoon, three state attorneys general and Federal Trade Commission Chairman Deborah Platt Majoras will testify on preventing price gouging during energy supply disruptions. Some attorneys general are investigating instances of price gouging or manipulations at various points along the supply chain, from retailer back to well producer.

Washington politicians have proposed a host of other actions lawmakers could take, in light of frustration among voters about high energy prices, from higher taxes on oil companies to new alternative energy programs.

Oil and natural gas prices have been rising steadily as the world’s appetite for energy increases faster than supply.

Meanwhile, profit for many energy companies has jumped as strong demand pushes margins wider at every point along the supply chain: production, refining, delivery and marketing.

Last month, the world’s largest oil company, Exxon Mobil, became the poster child for big profit when it posted a 75 percent rise in third-quarter earnings to $9.92 billion.