US oil giant Exxon Mobil last night posted a quarterly profit of $9.92 billion, the biggest in US corporate history, putting the industry in the spotlight over surging energy costs.
Revenues topped an unprecedented $100 billion dollars for Exxon Mobil on record oil and gas prices, even though the company took a hit from hurricanes Katrina and Rita.
The Texas-based company, the world's largest petroleum firm, downplayed the results in the face of growing concerns in Congress and elsewhere about firms reaping windfall profits from record oil and gas prices.
'Our earnings in the third quarter reflect the impact of the relatively volatile industry environment on commodity prices and industry margins,' chairman Lee Raymond said.
Despite concerns about skyrocketing fuel costs for consumers, Raymond said Exxon Mobil 'acted responsibly in pricing at our service stations, and we also encouraged our independent retailers and distributors to do the same'.
Within hours of the release, Democratic Senator Charles Schumer called for a temporary levy on 'excess' oil company profits to help fund the recovery from Hurricane Katrina and reduce the US budget deficit.
