April 1, 2008 Director of Exxon Mobil talks gas prices Play video

(NECN: Washington) - Top executives from the five largest U.S. oil companies are appearing before a congressional committee. The panel's chairman, Massachusetts Democratic Congressman Edward Markey, wants them to explain why their companies need billions of dollars in tax breaks while making hundreds of billions of dollars in profits.

Congressman Edward Markey, noting the hearing was being held on April Fool's Day, said, "The biggest joke of all is being played on American families by Big Oil."

The national average cost of gasoline is hitting a record $3.29 cents a gallon.

J. Stephen Simon, Director and Senior Vice President of the Exxon Mobil Corporation, has this to say.