Exxon Mobil Corp. posted first-quarter profits of $8.4 billion yesterday amid congressional and White House chest thumping about possible price gouging and rebates to consumers. Exxon Mobil's profits for the first quarter of 2006 exceeded the company's first-quarter profits last year, putting the petroleum giant firmly on track to surpass the record $36 billion in profits it set in 2005.

As gasoline prices edge up toward or beyond $3 per gallon nationwide, the political posturing continues. President Bush stopped at a gas station in Biloxi, Mississippi the other day and took the opportunity to say he wished Congress would grant him authority to raise mileage standards for passenger cars, but White House officials quickly said they didn't know whether the president would use the power if he had it. Congress proposed $100 rebates for most taxpayers, who are struggling under the burden of rising gasoline prices, but tied the proposal to oil exploration in the Arctic National Wildlife Refuge in Alaska, which is likely to kill the measure.

In one genuine attempt by a politician to address part of the problem, Sen. Ron Wyden (D-OR) staged a solo filibuster on the floor of the Senate in an effort to end a lucrative oil industry subsidy. Wyden correctly pointed out that the subsidy seems unnecessary at a time when oil is selling for more than $70 a barrel and oil company profits are soaring.

More information:

Profits, Prices Spur Oil Outrage -- The Washington Post