Oil executives taken to task over soaring pump prices

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American lawmakers told top oil executives on Capitol Hill yesterday the laws of supply and demand were an inadequate excuse for rocketing petrol prices, ballooning profits and for slow progress on investment in renewable fuels. The executives were asked to explain why they are fighting to hang on to $18bn in tax breaks when their combined profits hit a record $55bn last year and prices at the petrol pump sky-rocketed.

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At www.guardian.co.uk

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