WASHINGTON, D.C. --- The Senate Finance Committee on Wednesday announced plans to study tax records from the 15 largest oil companies to ensure they are complying with the law.
The committee plans to study tax returns for the past five years, the AP reported. The last time the Senate commitee sought corporate tax records from the IRS was during the Enron debacle.
In a released statement, Committee Chairman Charles Grassley (R-Iowa) said committee members are concerned about high profits and excessive compensation for industry executives.
This week Exxon Mobil Corp. reported the fifth highest quarterly profit for any public company in history. The company posted a 7 percent gain in earnings to reach more than $8 billion in the first quarter. In January, Exxon reported the highest quarterly profits of any public company ever: $10.71 billion.
Originally posted on Fleet Financials