Calling these hearings a circus would be an insult to America’s fine carnival-based economic sector.

James Mulla, chairman of ConocoPhillips, said "we are ready open our records" to dispute allegations of price gouging.

ConocoPhillips earned $3.8 billion in the third quarter, an 89% increase over a year earlier. But he said that represents only a 7.7% profit margin for every dollar of sales.

"We do not consider that a windfall," said Mulva.

Raymond said Exxon Mobil's exploratory and capital spending plans are based on how long it takes to bring new wells, plants or other developments into production. The company's planners pay no heed to daily or quarterly fluctuations in crude-oil or gasoline prices in deciding when to fund a project, he said.

In 1998, when the Asian economic collapse cut global oil demand and prices dropped to $10.35 a barrel, Exxon Mobil spent $15 billion on new projects, almost twice the company's net income, he said. This year, the company plans to spend $18 billion, up from $14.9 billion in 2004.

Exxon has raised its spending budget for this year twice in response to soaring costs to rent drilling rigs and purchase steel pipes.

"Someone could argue that in 1998 we invested way too much money," Raymond said. "My comment is the valley will be coming. And when the valley comes, we're going to continue to invest."