Oil companies in hot water

NewsChannel 10

Democrats in the Senate took a stand against the world's five biggest oil companies, calling their chief executives to Capitol Hill.

They are discussing a bill that would do away with the tax breaks given to those companies, who are all reportedly making near record profits.

"You'd have an easier time convincing the American people that a unicorn just flew into this hearing room than that these big oil companies need taxpayer subsidies. That's the real fairy tale," says New York Senator Charles Schumer.

This year the oil companies already made $36 billion in profits.

Democrats want to end $2 billion in yearly tax breaks to help pay down the country's deficit.

But Republicans say today's hearing is just another excuse for Democrats to raise taxes.

And oil executives argue that they should get the same breaks as other big businesses.