Oil companies have defended their massive recent profits before a special Senate hearing in the United States, called in the wake of growing public resentment at spiralling energy costs.

At a combative hearing in the US Congress, assembled to address charges of oil company "price gouging", oil executives said that huge investment in oil infrastructure, hurricane damage and increasing demand had all contributed to rising petrol prices on American forecourts.

However, Barbara Boxer, a Democratic Senator, appeared to sum up much of the growing public mood in the US when she said that the oil industry’s unwillingness to use some of its profits to offset customer bills was a sign of greed.

"Your sacrifice, gentlemen, appears to be nothing," she told a panel including the chief executives of five oil majors.

In Britain, Gordon Brown, the Chancellor of the Exchequer, has faced similar calls to ease the burden on motorists by cutting petrol duty or imposing windfall taxes on the extraordinary profits made by oil companies in the past year.

Exxon Mobil, the largest publicly-traded oil company in the world, last month reported quarterly profits of $9.9 billion (£5.7bn), the biggest in US corporate history.

Exxon released its results on the same day as Shell, the Anglo-Dutch oil company, posted record profits of $7.4 billion (£4.2 billion) for its third quarter and said it had survived America’s worst hurricane season with limited damage, enabling it to reap the benefit of exceptional oil price gains.

Together, the profits earned by the world’s top three oil companies, including BP’s $5.3 billion, in just three months exceeded the annual income of Sri Lanka in 2004.

However, Lee Raymond, chief executive Exxon, shrugged off accusations of oil companies profiteering and accused American politicians of seeking to make political capital.

"In politics, time is measured in two, four or six years, based on the election cycle. In the energy industry, time is measured in decades, based on the lifecycles of our projects," Mr Raymond said.

The sums required to safeguard global energy supplies over the next 25 years could dwarf even Exxon’s massive profits. Earlier this week, the International Energy Agency said that oil producers and governments will need to invest $17,000 billion (£9,740bn) globally by 2030 if world energy needs are to be met — $1,000 billion more than estimated a year ago.

Describing the disappointing recent economic performance of the UK, Mr Brown has depicted the troubles facing the global economy as of the same magnitude as the oil shocks of the Seventies.

Heating bills, which are set to soar this winter, could add to the pressure for American politicians to act.

Pete Domenici, the chairman of the Senate Energy and Natural Resources Committee said the Senate Republicans’ decision to call the hearing reflected the pressure they faced in the wake of polls that show most Americans suspect oil companies are abusing the market "to line their coffers with excess profits".

High petrol prices coupled with expectations of steep heating bills this winter have contributed to a plunge in poll ratings for President George W Bush.

White House spokesman Scott McClellan said that President Bush - who along with Vice President Dick Cheney is a former oil company executive – said he shared public concerns about the high prices. "It is important for all of us, government, private sector, individual Americans, to do their part," Mr McClellan said.

Some Democratic senators are pushing for a windfall profit tax on oil company gains above $40 a barrel. Prices are now just under $60 a barrel.

Republican censure of the energy companies, however, has generally fallen short of calling for mandatory measures.

Instead, Republicans are encouraging the companies to voluntarily fund federal programmes used to help low-income families pay winter heating bills.

The Federal Trade Commission chairwoman Deborah Platt Majoras told the hearing that any law to outlaw gasoline profiteering would be unworkable and counterproductive.

"Price-gouging laws that have the effect of controlling prices likely will do consumers more harm than good," she said.

BP America chief executive Ross Pillari said that while the hurricanes’ impact had driven up oil earnings, "we made every effort to increase supplies and minimise the extent of the disruptions".

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