Big Oil bosses prepare to face Congress

(Reuters) NEW YORK - The all-star cast of energy executives due to face Congress Wednesday has an unenviable task: convincing lawmakers that record profits in the face of sky-high gasoline prices do not warrant penalties.

At issue is whether Congress will levy a tax on record oil industry profits, be it a windfall tax on sales of oil over a certain price or a tax to fund a winter heating program for low-income families.

Most of the fireworks at the hearing are expected to be set off by lawmakers, feeling heat from constituents over gasoline prices and heating bills.

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